Use the following information to answer the given question

Furniture and Fittings ………………………………………. #15,000

Land and building ……………………………………………… #40,000

Motor Vehicles …………………………………………………….. #25,000

Stock …………………………………………………………………….. #10,000

Debtors …………………………………………………………………. #27,000

Cash in hand …………………………………………………………. #2,000

Bank overdraft …………………………………………………….. #17,500

Profit and loss b/d ……………………………………………….. #28,000

Rent owing ……………………………………………………………. #800

Sundry creditors ………………………………………………….. #22,000

 

The value of current liabilities is

A. N56,5000

B. N40,300

C. N39,500

D. N28,000

E. N22,000

Correct Answer: Option B

B. N40,300