Unit-3 Basic Accounting Terms and Concepts
This unit explains some of the terms which are commonly used in accounting and also the basic concepts underlying the accounting system.
The following is the assets and liabilities position of Srinivasa Traders on October 1, 1987:
Cash Balance Rs. 3,000; Furniture Rs. 5,000;
Building Rs. 50,000; Debtors Rs. 22,000.
Bank Loan Rs. 10,000; Creditors Rs. 15,000.
Find out the amount of capital on that date.