\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \t...
Question 1 Report
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current assets is
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current assets is
Answer Details
The value of current assets is the sum of the values of those assets which are expected to be converted into cash within a year. In the given table, the current assets are cash in hand, stock, debtors. The total value of these assets is:
1,000 (cash in hand) + 5,000 (stock) + 13,750 (debtors) = N19,750
Therefore, the value of current assets is N19,750. Option C is the correct answer.
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