Bought motor vehicle ₦60 paying by cheque. The effect o...
Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be
Increase in assets of motor vehicle account
Decrease in assets of motor vehicle account
Increase in assets of bank account
Increase in liabilities of bank account
Correct answer is A
The motor vehicle account is the receiver while bank account is giving out. Therefore, there will be an increase in motor account and a decrease in bank account.
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