JAMB Accounting 2008 Objective — Question 45
Question 45 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.
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Use the information below to answer question 45 and 46: Uju Nig. Ltd. Balance Sheet (Extract): Capital 200 000, Land and building 250,000; Net profit 50,000, Stock 120,000; 5% debenture 100,000, Debtors 50,000; Creditors 80,000, Bank 10,000. The debit ratio is approximately
- A. 43%
- B. 42%Correct
- C. 41%
- D. 23%
Explanation
Debt ratio = Total liabilities/Total assets = 180,000/430,000 x 100 = 42%.
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