You visited us 1 times! Enjoying our articles? Unlock Full Access!

Byju's Answer

Standard XII

Accountancy

Hidden Goodwill

A business ha...

Question

A business has following items:
Vehicles Rs 600,000,
Debtors Rs 1,20,000,
Cash Rs 30,000,
Owner's Equity Rs 10,00,000
Loan Rs 5,00,000,
Creditors Rs 50,000
Value of the land is ____________.

R s .1, 000, 000

No worries! We‘ve got your back. Try BYJU‘S free classes today!

R s .1, 550, 000

No worries! We‘ve got your back. Try BYJU‘S free classes today!

R s .8, 00, 000

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

None of these

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is D $R s .8, 00, 000$
Total assets = Total liabilities
Total liabilities = Owner's equity + Loan + Creditor
Total liabilities = $R s .10, 00, 000$ + $R s .5, 00, 000$ + $R s .50, 000$
Total liabilities = $R s .15, 50, 000$
Hence, Total liabilities = $R s .15, 50, 000$
Total assets = Land + Vehicle + Debtors + Cash
$R s .15, 50, 000$ = Land + $R s .6, 00, 000$ + $R s .1, 20, 000$ + $R s .30, 000$
Therefore, Land = $R s .8, 00, 000$

Suggest Corrections

Similar questions

Q. A business has the following items in it:
Land -

R s 1000000

Machinery -

R s 20000

Cash -

R s 10000

Debt -

R s 0

Owner's equity will be _____________.

Q. Listed in random order below are the balance sheet figures of Mr. Q as at

31 - 3 - 2015

Trade receivables
Trade payabes
Building
Capital
Bank loan
Inventories
Cash
Reserves
Intangible assets
Shares
Equipments
Retained earnings

R s . 50, 000

R s . 30, 000

R s . 90, 000

R s . 1, 00, 000

R s . 40, 000

R s . 10, 000

R s . 20, 000

R s . 50, 000

R s . 30, 000

R s . 20, 000

R s . 40, 000

R s . 40, 000

The owner's equity

= ?

From the following information prepare the balance sheet of Jam Ltd. as per the (revised) Schedule VI:

Inventories Rs. 7,00,000; Equity Share Capital Rs. 16,00,000; Plant and Machinery Rs. 8,00,000; Preference Share Capital Rs. 6,00,000; General Reserves Rs. 6,00,000; Bills payable Rs. 1,50,000; Provision for taxation Rs. 2,50,000; Land and Building Rs. 16,00,000; Noncurrent Investments Rs. 10,00,000; Cash at Bank Rs. 5,00,000;Creditors Rs. 2,00,000; 12% Debentures Rs. 12,00,000.

Monika has the following assets and liabilities as on 31st March, 2016. Ascertain her capital. Cash Rs. 50,000, bank Rs. 95,000, debtors Rs. 36,000, plant and machinery Rs. 1,60,000, building Rs. 4,00,000, furniture Rs. 48,000, creditors Rs. 44,000, bills receivable Rs. 1,13,000 and bills payable Rs. 47,000.

Q. Pass necessary journal entries for the following transactions in the books of Rajan Ltd :
(a) Rajan Ltd. purchased machinery of Rs 7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. by issue of equity shares of Rs 100 each at 10% discount.
(b) Rajan Ltd purchased a running business from Vikas Ltd. for a sum of Rs 2,50,000 payable as Rs 2,20,000 in fully paid equity shares of Rs 10 each and balance by a bank draft. The assets and liabilities consisted of the following :
Plant & Machinery Rs 90,000; Building Rs 90,000; Sundry Debtors Rs 30,000; Stock Rs 50,000; Cash Rs 20,000; Sundry Creditors Rs 20,000.

Join BYJU'S Learning Program

A business has following items:Vehicles Rs 600,000, Debtors Rs 1,20,000, Cash Rs 30,000, Owner's Equity Rs 10,00,000Loan Rs 5,00,000, Creditors Rs 50,000 Value of the land is ____________.

A business has following items:
Vehicles Rs 600,000,
Debtors Rs 1,20,000,
Cash Rs 30,000,
Owner's Equity Rs 10,00,000
Loan Rs 5,00,000,
Creditors Rs 50,000
Value of the land is ____________.