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JAMB Principles of Accounts 2017 Question 18

Question 18

Final Accounts of a Sole Trader

Use the information below to answer questions 17 and 18 (shown in the figure).

Calculate the value of fixed assets

Diagram for this question
  1. A.₦15 992
  2. B.₦18 470
  3. C.₦27 052
  4. D.₦27 000
Show the answer and explanation

Answer: C (₦27 052)

Explanation

Fixed assets = land and building 18,470 + furniture and fittings 5,120 + motor vehicles 3,462 = ₦27,052.