Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet…

Accounts - Principles of Accounts WAEC 1989

Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that

  • both the liability and asset are increased
  • both the liability and asset are decreased checkmark
  • liability is increased while the asset is decreased
  • liability is decreased while the asset is increased
  • both liability and asset remain unchanged

The correct answer is: B

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