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JAMB Principles of Accounts 2011 Question 14

Question 14

Final Accounts of a Sole Trader

I. Stock of goods
II. Furniture
III. Creditors
IV. Cash at bank
V. Loan from the bank
Determine the current liabilities

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

Answer: A (III and V)

Explanation

Creditors and the bank loan are amounts owed by the business.