If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be…

Accounts - Principles of Accounts JAMB 2007

If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?

  • A decraese in the total asssets by N5000 checkmark
  • An incraese in the total liabilities and owners' equity by by N15 000
  • An increase in the total assets by N15 000
  • A decrease in owners' equuity by N5000

The correct answer is: A

Explanation

No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn.
Previous Question Next Question

Leave A Comment