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JAMB Principles of Accounts 2014 Question 20

Question 20

Final Accounts of a Sole Trader

Balance Sheet (Extract)
Creditors ₦7,940
Prepaid expenses ₦290
Accrual expenses ₦323
Stock ₦4,500
Cash balances ₦4,956
Debtors ₦905
The value of the current assets will be

  1. A.₦10,361.
  2. B.₦10,651.
  3. C.₦17,396.
  4. D.₦17,848.
Show the answer and explanation

Answer: B (₦10,651.)

Explanation

290 + 4 500 + 4 956 + 905 = ₦10 651.