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
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