Accounts - Principles of Accounts
JAMB 2001
Given:
Authorized Capital: N
100,000 ordinary shares of N 1 eash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000
Determine the net current assets
-
A.
N 43,000
-
B.
N 28,000
-
C.
N13,000
-
D.
N3,000
Correct Answer: Option D
Explanation
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