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JAMB Principles of Accounts 2011 Question 15

Question 15

Final Accounts of a Sole Trader

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

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

Answer: D (I and IV)

Explanation

Stock and cash at bank are current assets; furniture is a fixed asset.