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Standard XII

Accountancy

Hidden Goodwill

If the owner'...

Question

If the owner's equity is Rs. $80, 000$ and external liability Rs. $40, 000$ , Cash in hand Rs. $20, 000$ , the total assets of the firm will be ___________.

Rs.

1, 00, 000

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Rs.

1, 20, 000

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Rs.

80, 000

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Rs.

1, 40, 000

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Solution

The correct option is B Rs. $1, 20, 000$
Accounting equation:

Owners Equity+external liability= Total Assets

Rs.80000+Rs.40000=Rs.120000

Hence total assets of the firm will be Rs.120000

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Similar questions

Q. If the owners equity is Rs.

80, 000

and external liability Rs.

40, 000

, Cash in hand Rs.

20, 000

, the other assets of the firm will be ____________.

Q. From the following Balance Sheet of Mohan Ltd., prepare cash flow statement.
Balance Sheet of Mohan Ltd.
as on………….

\begin{matrix} Capital and Liabilities & 2010 & 2011 & Assets & 2010 & 2011 (Rs.) & (Rs.) & (Rs.) & (Rs.) Equity Share Capital & 2, 00, 000 & 3, 00, 000 & Fixed Assets & 4, 00, 000 & 6, 00, 000 Profit and Loss & 1, 60, 000 & 2, 00, 000 & Stock & 1, 30, 000 & 1, 50, 000 Bank Loan & 1, 00, 000 & 80, 000 & Debtors & 1, 00, 000 & 60, 000 Accumulated Depreciation & 80, 000 & 1, 00, 000 & Bills Receivable & 20, 000 & 30, 000 Creditors & 1, 40, 000 & 1, 20, 000 & Bank & 90, 000 & 30, 000 Proposed Dividend & 60, 000 - ------ - & 70, 000 - ------ - 7, 40, 000 - -------- - & 8, 70, 000 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 7, 40, 000 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 8, 70, 000 - -------- - \end{matrix}

Additional Information:
Machine costing Rs. 80,000 on which accumulated depreciation was Rs. 50,000 was sold for Rs. 20,000.

Q. If the total assets of the company amount to Rs 1,50,000 and owner's equity is Rs 70,000, the amount of liabilities will be _____________.

Q. The closing balance of owner's equity is

R s . 2, 10, 000

. During the year, the owner contributed

R s . 60, 000

and withdrew

R s . 40, 000

. If the firm had

R s . 80, 000

net income for the year, what was the owner's equity at the beginning?

Jiya Ltd. Purchased a running business from Diya Ltd. for a sum of Rs. 2,00,000 payable by issue of 20,000 equity shares of Rs. 10 each.
The assets and liabilities taken over were:
Building Rs. 80,000, Plant Rs. 80,000, Debtors Rs. 60,000 and creditors Rs. 40,000.
You are required to pass the journal entries in the books of Jiya Ltd.

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If the owner's equity is Rs. 80,000 and external liability Rs. 40,000, Cash in hand Rs. 20,000, the total assets of the firm will be ___________.

The correct option is B Rs. 1,20,000Accounting equation:Owners Equity+external liability= Total AssetsRs.80000+Rs.40000=Rs.120000Hence total assets of the firm will be Rs.120000

If the owner's equity is Rs. $80, 000$ and external liability Rs. $40, 000$ , Cash in hand Rs. $20, 000$ , the total assets of the firm will be ___________.

The correct option is B Rs. $1, 20, 000$
Accounting equation:

Owners Equity+external liability= Total Assets

Rs.80000+Rs.40000=Rs.120000

Hence total assets of the firm will be Rs.120000