Mr. X has a business of selling shoes. He bought goods worth $50,000 on credit from Mr. Y. Also, he borrowed a sum of $1,00,000 from his friend Mr. Z. What would be the amount of creditors which will be recorded in his books? A. $1,00,000 B. $50,000 C. $1,50,000 D. $2,00,000

Mr. X has a business of selling shoes. He bought goods worth $50,000 on credit from Mr. Y. Also, he borrowed a sum of $1,00,000 from his friend Mr. Z. What would be the amount of creditors which will be recorded in his books? A. $1,00,000 B. $50,000 C. $1,50,000 D. $2,00,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A. $1,00,000

B. $50,000

C. $1,50,000

D. $2,00,000

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