Concept:Current assets are assets that can be converted into cash within one year, such as debtors and stock.
Explanation:From the given information, identify the items that are current assets.
Debtors are amounts owed to the business and are current assets:
N15,000.
Stock is inventory held for sale and is also a current asset:
N20,000.
Premises and motor vehicle are non-current assets, so they are excluded.
Creditors represent a liability, not an asset, so it is also excluded.
Therefore:
Current assets
=Debtors+StockCurrent assets
=N15,000+N20,000=N35,000Answer:A. N35,000