The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital | 5000 |
Net Profit | 1000 |
Furniture | 2000 |
Equipment | 2900 |
Debtors | 100 |
Stock | 1000 |
Bank | 500 |
From the above, calculate Current liabilities
From accounting equation;
Assets = Capital + liabilities
Therefore, liabilities = Assets - Capital
Liabilities = (4900 + 1600) - (500 + 1000) = 6500 - 6000
⇒ ₦600
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