Determine the total fixed assets from the opening balance sheet?

Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400

A. N2,200
B. N2,020
C. N1,720
D. N2,070

Correct Answer:

Option B – N2,020