Neco Model Questions Vol1 2025 Financial Accounting Question 40

The following trial‑balance figures (in thousands of naira) are extracted for a government department at year‑end: Cash 30, Inventory 20, Receivables 45, Prepaid expenses 5, Capital assets (cost) 200, Accumulated depreciation 80, Loans payable (current) 25, Bonds payable (non‑current) 100, Accrued expenses 10, Deferred revenue 15. Additional information: (i) accrued revenue of \(\text{₦}8,000\) has not been recorded in receivables; (ii) the department incurred depreciation expense of \(\text{₦}12,000\) for the year which has not been posted; (iii) the prepaid expenses relate to services to be received over the next six months. Prepare the statement of financial position showing total current assets, non‑current assets, total liabilities and net assets (equity). What is the amount of net assets?