Neco Model Questions Vol1 2024 Financial Accounting Question 8
Practice objective / multiple choice question 8 from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
A sole trader starts the business with cash of ₦(150,000) and purchases equipment on credit for ₦(80,000). During the month the business records cash sales of ₦(60,000), pays cash expenses of ₦(20,000), and makes a cash repayment of ₦(30,000) towards the credit purchase. Using the accounting equation, determine the ending balances of assets, liabilities and owner's equity.
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About This Question
This is Neco Model Questions Vol1 2024 Financial Accounting Question 8. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Easy .
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