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A sole trader received the sum of # 4,860 cash from a debtor. The effect...

Accounts - Principles of Accounts
WAEC 2024

A sole trader received the sum of # 4,860 cash from a debtor. The effect of this transaction in the balance sheet is 

  • A. decrease in stock and increase in debtor.
  • B. decrease in asse and increase in liability.
  • C. increase in cash and decrease in debtor.
  • D. increase in cash and decrease in capital. 
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Correct Answer: Option C
Explanation

 Cash receive from debtors will increase cash and will reduce the balance of debtors. 

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts