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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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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076
Post UTME Past Questions Agent
WAEC offline past questions - with all answers and explanations in one app - Download for free
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
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076
WAEC offline past questions - with all answers and explanations in one app - Download for free