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What the effect of transaction be on accounting equation

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Reference no: EM133185000

Question - Mr Africa is the owner of Africa Traders. Africa Traders is NOT registered as a VAT vendor and applies the perpetual inventory system.

On 5 January 2022, Mr Africa and Mr Zulu negotiated the new terms and conditions of their business contract over lunch. Mr Africa used snapscan to pay the bill of R700.

What will the effect of the transaction be on the accounting equation?

a. Assets will increase with R700 and equity will decrease with R700

b. Assets will decrease with R700 and equity will increase with R700.

c. Assets will decrease with R700 and equity will decrease with R700

d. Assets will increase with R700 and decrease with R700

Reference no: EM133185000

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