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  5. The following balanc...

The following balances were extracted from the books of Adama Ltd on 31st August 2007...

Accounts - Principles of Accounts
JAMB 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

  #

Sales 

 200000

 Drawings

 10000

 Land and building

 70000

Furniture

 10000

Debtors 

 50000

Creditors

 35000

Capital 

 85000

Bank

 10000

General expenses

 10000

Stock ( 31-08-2007) 

 10000

Purchases 

 140000

Stock (1-09- 2006) 

 20000

Total fixed assets is

  • A. #70,000
  • B. #150,000
  • C. #165,000
  • D. #80,000
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Correct Answer: Option D
Explanation

Total Fixed Assets = Land and Building + Furniture
Total Fixed Assets = #70,000+ #10,000
Total Fixed Assets = #80,000

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now