\(\begin{array} {c|c} & D \\ \hline \text{Cash in han...
Use the following information to answer the given question
DCash in hand1,440Cash at bank2440Stock2,500Furniture and fittings2,200Creditors1,000
The liability is
D7,580
D6,580
D5,380
D1,000
Correct answer is D
A liability is an obligation arising from a past business event. They are obligations owed to outsiders by a business
Creditor; is a person or company to whom money is owed.
From the table above, liabilities is 1,000.
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\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & ...