……………………31/12/08………..31/12/09
Furniture and fittings..N21 000,…………N28 000
Office equipment……..N9 800,………….N13 200
Debtors……………..N6 800,………….N5 200
Creditors……………N4 900,………….N5 100
Cash at bank…………N7 000,………….N4 600
Accrued electricity bills……………….N1 200
Monthly drawings average N330.
A. N39 700
B. N35 900
C. N35 740
D. N43 660
Correct Answer:
Option A – N39 700
Explanation
furniture & fittings + office equipt. + debtors + cash at bank – creditors
21000 + 9800 + 7000 + 6800 – 4900 = 39700
