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Preparing Financial Statements of NPO-I

Total assets ...

Question

Total assets of a firm is Rs. 1,50,000, Capital amounted to Rs.70,000, total outside liabilities would be _________.

A

Rs.70,000

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B

Rs.80,000

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C

Rs.40,000

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D

Rs.20,000

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Solution

The correct option is D Rs.80,000
Accounting Equation can be defined as:

Owner's Capital + Outside Liabilities = Total Assets

by putting the available information:

Rs.70000 + Outsider liabilities = Rs.150000

Outsider liabilities = Rs.150000 - Rs.70000

Outsiders liabilities = Rs.80000

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