- 1 Marks
FA – Nov 2023 – L1 – SA – Q15 – Accounting Concepts
Calculate the new accounting equation after withdrawals.
Question
The accounting equation of Kola is ₦107,250 (Assets) = ₦55,500 (Equity) + ₦51,750 (Liabilities). Kola decides to take ₦6,000 in cash and inventories with a value of ₦3,000 out of the business for his personal use. What is the new value of the accounting equation for Kola after the withdrawals?
- A. ₦98,250 = ₦46,500 + ₦51,750
- B. ₦98,250 = ₦55,500 + ₦42,750
- C. ₦107,250 = ₦58,500 + ₦54,750
- D. ₦98,250 = ₦49,500 + ₦48,750
- E. ₦98,250 = ₦52,500 + ₦45,750
Find Related Questions by Tags, levels, etc.
- Tags: Accounting Equation, Assets, Withdrawals
- Level: Level 1
- Topic: Accounting Concepts
- Series: NOV 2023
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