Waec Model Questions Vol1 2025 Financial Accounting Question 47

Practice objective / multiple choice question 47 from the 2025 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2025 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 47 WAEC_MODEL_QUESTIONS_VOL1 • 2025 • FINANCIAL_ACCOUNTING • objective

If a business purchases equipment for ₦150,000 and pays ₦30,000 in cash while the rest is on credit, how would this transaction be recorded in the double entry system?

Answer Options

A. Debit Equipment ₦150,000, Credit Cash ₦30,000, Credit Accounts Payable ₦100,000
B. Debit Equipment ₦150,000, Credit Cash ₦50,000, Credit Accounts Payable ₦100,000
Correct Answer C. Debit Equipment ₦150,000, Credit Cash ₦30,000, Credit Accounts Payable ₦120,000
D. Debit Equipment ₦120,000, Credit Cash ₦30,000, Credit Accounts Payable ₦90,000
Correct Answer
C
Correct Option:
Debit Equipment ₦150,000, Credit Cash ₦30,000, Credit Accounts Payable ₦120,000

About This Question

This is Waec Model Questions Vol1 2025 Financial Accounting Question 47. It is one of the objective questions from the 2025 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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