In dealing with incomplete record; fixed assets are posted to _______?

By: |Published on: Nov 28|Categories: Accounting JAMB| 0 comments

A. Profit and loss account as brought forward figure
B. Closing balance sheet as carried forward figure
C. Closing balance sheet as brought forward figure
D. Profit and loss as carried forward figure

Correct Answer:

Option C – Closing balance sheet as brought forward figure

Explanation

Fixed assets are brought forward in the closing balance sheet

Users Also Read These:

SEE ALSO  Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

Copyright warnings! Do not copy.