Accounts - Principles of Accounts Past Questions and Answers

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\ <br/>Debtors & 13,750\\ \text{Bank overdraft} & 8,750<br/>\end{array}\)<br/>The value of current liabilities is

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\ <br/>Debtors & 13,750\\ \text{Bank overdraft} & 8,750<br/>\end{array}\)<br/>The value of current assets is

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\ <br/>Debtors & 13,750\\ \text{Bank overdraft} & 8,750<br/>\end{array}\)<br/>The opening capital is

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\ <br/>Debtors & 13,750\\ \text{Bank overdraft} & 8,750<br/>\end{array}\)<br/>The value of fixed assets is

The financial plan of the government for a year is contained in the