how come he now owes $98

Question

boy borrows $50 from mom

 and $50 from dad

 

buys a shirt for $97

 

gives $1 to mom and $1 to dad making him owe them $49 each

but that adds to $98 how????

Answer 1

Because 49 + 49 = 98. The boy still has 1 dollar left.

 

Answer 2

He took the $100 from mom & dad and bought the shirt for $97. This left him with $3 change. He gave mom & dad $1 each for a total of only $2. So he's still holding $1 he got back in change.