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Issue for Consideration Other Than Cash

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Question

Write the word / term / phrase which can substitute each of the following Statements.

An excess of assets over liabilities.

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Solution

Capital

Explanation: Excess of assets over liabilities is known as capital. Opening capital is calculated by deducting opening liabilities from opening assets and closing capital is calculated by deducting closing liabilities from closing assets.

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Issue for Consideration Other Than Cash

Standard XII Accountancy

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