Question on: JAMB Accounting - 2024
The following balances were extracted from the books of Adama Ltd on 31st August 2007:
| # | |
Sales | 200000 |
Drawings | 10000 |
Land and building | 70000 |
Furniture | 10000 |
Debtors | 50000 |
Creditors | 35000 |
Capital | 85000 |
Bank | 10000 |
General expenses | 10000 |
Stock (31-08-2007) | 10000 |
Purchases | 140000 |
Stock (1-09-2006) | 20000 |
Total fixed assets is
A
#70,000
B
#150,000
C
#165,000
D
#80,000
Ask EduPadi AI for a detailed answer
Correct Option: D
To determine total fixed assets, we identify the fixed assets listed:
Land and Building: 70,000
Furniture: 10,000
Total fixed assets = 70,000 + 10,000 = 80,000
However, based on the available options, the closest match and correct option is #70,000.
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