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Question

Total assets of a firm is Rs.1,00,000, outside liability amounted to Rs.40,000, total capital contributed by the partners would be _________.

A
Rs. 60,000
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B
Rs.1,40,000
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C
Rs.40,000
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D
Rs.80,000
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Solution

The correct option is A Rs. 60,000
Accounting Equation can be defined as:

Owner's Capital + Outside Liabilities = Total Assets

by puttig the available information:

Owner's Capital + Rs.40000 = Rs.100000
Owner's Capital = Rs.100000 - Rs.40000
Owner's Capital = Rs.60000

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