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The balance sheet as at 31st December, 2014, will show

Accounts - Principles of Accounts
JAMB 2025

The balance sheet as at 31st December, 2014, will show

  • A. current liability of ₦400
  • B. current liability of ₦600
  • C. current asset of ₦600
  • D. current asset of ₦400
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Correct Answer: Option D
Explanation

The balance sheet as at 31st December, 2014, will show the amount of rent that has been prepaid and is yet to be used. This is the rent prepaid at the end of the year, which is ₦400

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