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Use the information below to answer this question Zahki Plc balance sheet (extract) as at...

Accounts - Principles of Accounts
JAMB 2021

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.

                                            ₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000                                   
Profit and loss account     60,000      Investment           180,000
Long-term loan               180,000      Stock                      28,000
                                                           Debtors                  90,000
Creditors                        200,000       provision(3000)      87,000
Other current liabilities    100,000      Cash                       60,000
                                                           Bank                     100,000
                                        755,000                                   755,000     

The quick ratio is
 

  • A. 0.82:1
  • B. 1:53:1
  • C. 0.95:1
  • D. 0.91:1
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Correct Answer: Option C
Explanation
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