Question 34
Final Accounts of a Sole TraderUCHENNA ENTERPRISES – Balance Sheet as at 31st December, 1993
Capital N84,000; add net profit N15,000 = N99,000; less drawings N9,000 = N90,000
Creditors N25,000
Accruals N15,000
Total N130,000
Land and Building N45,000
Furniture and Fittings N34,000
Stock N28,000
Debtors N22,000
Cash N1,000
Total N130,000
Current assets amount to
- A.N51,000
- B.N50,000
- C.N23,000
- D.N22,000
- E.N11,000.
Show the answer and explanation
Answer: A (N51,000)
Explanation
Current assets = stock N28,000 + debtors N22,000 + cash N1,000 = N51,000.