Use the following to answer the given question ... - WAEC Accounting 1994 Question
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the current ratio?
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the current ratio?
A
1 : 1
B
1 : 2
C
3 : 1
D
5 : 2
correct option: c
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