JAMB Principles of Accounts 2003 Question 48

Use the information below to answer questions 47 and 48.
ZEBRA PLC Balance sheet as at 31st March, 2002
Capital ₦100 000; Current liabilities: Creditors ₦30 000; Total ₦130 000
Fixed assets: Land and buildings ₦50 000, Furniture ₦10 000 (₦60 000); Current assets: Stock ₦30 000, Debtors ₦30 000, Cash ₦10 000 (₦70 000); Total ₦130 000
The business was acquired on 1st April, 2002 at a purchase consideration of ₦120 000 by SOZ. All assets and liabilities were taken over except the cash. To open the new firm's bank account, additional ₦20,000 was paid into the bank.
Calculate the networth of the business

1. A.₦120 000
2. B.₦90 000
3. C.₦80 000
4. D.₦30 000