Neco Model Questions Vol1 2021 Financial Accounting Question 7
Practice objective / multiple choice question 7 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
A business has the following opening balances: Cash ₦200,000, Inventory ₦150,000, Equipment ₦150,000 (total assets ₦500,000); Liabilities ₦200,000; Owner's equity ₦300,000. During the month the business purchases inventory on credit for ₦80,000. After this transaction, what is the new total amount of liabilities?
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About This Question
This is Neco Model Questions Vol1 2021 Financial Accounting Question 7. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Easy .
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