| N | |
| premises | 32,000 |
| motor vehicle | 15,000 |
| debtors | 15,000 |
| stock | 20,000 |
| creditors | 10,000 |
the value of fixed assets
-
A.
N72,000 -
B.
N47,000 -
C.
N35,000 -
D.
N25,000
Correct Answer: Option B
Explanation
A fixed asset is a long-term tangible piece of property that a firm owns and uses in its operations to generate income. In accounting, fixed does not necessarily mean immovable; any asset expected to last, or be in use for, more than one year is considered a fixed asset.
fixed assets = 32,000 + 15,000 = 47,000