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WAEC Financial Accounting 2007 Question 36

Question 36

Final Accounts of a Sole Trader

Premises N100,000
Plant N50,000
Fixtures N30,000
Stock N20,000
Debtors N10,000
Cash N10,000
Creditors N20,000
Total assets is

  1. A.N240,000
  2. B.N220,000
  3. C.N200,000
  4. D.N180,000.
Show the answer and explanation

Answer: B (N220,000)

Explanation

100,000 + 50,000 + 30,000 + 20,000 + 10,000 + 10,000 = N220,000.