If liabilities amounted to ₦12,045, other assets ₦36,800and equity ₦26,896, the cash at hand would be?

Assessment: JAMB UTME - Principles of Accounts - 2001 Subject: Financial Accounting

Question 1 Report

If liabilities amounted to ₦12,045, other assets ₦36,800and equity ₦26,896, the cash at hand would be?
Answer Details
To calculate the cash at hand, we need to use the accounting equation which states that assets equal liabilities plus equity. We can rearrange this equation to solve for assets by subtracting liabilities from both sides: Assets = Liabilities + Equity Assets = ₦12,045 + ₦26,896 Assets = ₦38,941 Now that we know the total assets, we can subtract the value of other assets to find the cash at hand: Cash at hand = Total Assets - Other Assets Cash at hand = ₦38,941 - ₦36,800 Cash at hand = ₦2,141 Therefore, the answer is option (C) ₦2,141. In summary, the cash at hand is calculated by subtracting the value of other assets from the total assets, which can be determined using the accounting equation.
Read lesson note on Nature And Significance Of Accounting (JAMB)
Read lesson note on The Accounting Equation And Double Entry Principle (WAEC)
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