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ACCOUNTING

JAMB 2007 - Question 47

Account 2007 JAMB Past Questions - Question 47: If Mr. Ajasin paid his creditors N 5 000 out of N 20 000 owed, what would be the effect of this transaction on the accounting equation?

Choose the most appropriate option for the gap .

If Mr. Ajasin paid his creditors N 5 000 out of N 20 000 owed, what would be the effect of this transaction on the accounting equation?

A: decrease in the total liabilities and assets by N 5 000.

B: An increase in total liabilities and owners'equity by N 15 000.

C: An increase in the total assets by N15 000.

D: A decrease in owners' equity by N 5 000

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ACCOUNTING

Account 2007 JAMB Past Questions - Question 47: If Mr. Ajasin paid his creditors N 5 000 out of N 20 000 owed, what would be the effect of this transaction on the accounting equation?

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Correct Answer

Explanation