Accounting JAMB

Calculate the network of the business?

…………..ZEBRA PLC…………..
………….Balance sheet as at 31st March, 2002
……………N……………N…………N……
Capital……100,000…Fixed assets:
Current…………….Land &………………
Liabilities………..buildings..50,000……
Creditors……..30000..Furniture..10,000….60,000
…………………..Current………………
…………………..Assets: …….
………………Stock ………30,000………..
………………Debtors…….30,000………….
………………Cash……….10,000……70,000..
………….130,000…………………….130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm’s bank account additional N20,000 was paid into the bank.

A. N120,000
B. N90,000
C. N80,000
D. N30,000

Correct Answer:

Option B – N90,000

Sunday

Share
Published by
Sunday
Tags: Accounting

Recent Posts

OOU JUPEB Admission For Agricultural Extension

Do you want to study Agricultural Extension in OOU? Before you apply for the OOU…

10 months ago

OOU JUPEB Admission For Agricultural Economics

Do you want to study Agricultural Economics in OOU? Before you apply for the OOU…

10 months ago

OOU JUPEB Admission For Cooperative and Business Management

Do you want to study Cooperative and Business Management in OOU? Before you apply for…

10 months ago

OOU JUPEB Admission For Home and Hotel Management

Do you want to study Home and Hotel Management in OOU? Before you apply for…

10 months ago

OOU JUPEB Admission For Animal Production

Do you want to study Animal Production in OOU? Before you apply for the OOU…

10 months ago

OOU JUPEB Admission For Crop Production

Do you want to study Crop Production in OOU? Before you apply for the OOU…

10 months ago