Use the information to answer this question. ..............ZEBRA PLC.............. .............Balance sheet as at 31st March,...

FINANCIAL
JAMB 2003

Use the information to answer this question.

..............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.

Calculate the network of the business

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

Correct Answer: B. N90,000



Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *
Add Math
Don't want to keep filling in name and email whenever you make a contribution? Register or login to make contributing easier.