2 Accounting equation: An amount of R30 000 received from a debtor in settlement of his debt of R30 000 will result in: A. Assets increasing and liabilities decreasing. B. Assets increasing and equity increasing. C. Equity increasing and liabilities decreasing. D. Assets increasing and a decreasing. Given that sales are R1 000 000, cost of sales is 15% of sales. Cost of sales is R150 000 and gross profit would be R1 050 000. Select one: True False