The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018<br/>Initial Capital = 5000<br/>Net Profit = 1000<br/>Furniture = 2000<br/>Equipment = 2900<br/>Debtors = 100<br/>Stock = 1000<br/>Bank = 500<br/>From the above, calculate Fixed assets
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
Correct Answer: Option C
Explanation:
Fixed assets are the long-term assets used in operating the business. In this question, furniture and equipment are the fixed assets.<br/><br/>Fixed assets = 2000 + 2900<br/>= N4,900.<br/><br/>Therefore, the fixed assets are N4,900.
Fixed assets are the long-term assets used in operating the business. In this question, furniture and equipment are the fixed assets.<br/><br/>Fixed assets = 2000 + 2900<br/>= N4,900.<br/><br/>Therefore, the fixed assets are N4,900.