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JAMB Principles of Accounts 2009 Question 8

Question 8

Final Accounts of a Sole Trader

Use the information below:
I. Operating machine
II. Furniture
III. Fixtures and fittings
IV. Loan from friends
V. Creditors
Find the fixed assets

  1. A.I, II and V
  2. B.I, II and IV
  3. C.I, II and III
  4. D.III, IV and V
Show the answer and explanation

Answer: C (I, II and III)

Explanation

The operating machine, furniture, and fixtures and fittings are kept for long-term use, so they are fixed assets.