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.

Present the following in the form of an Accounting Equation.

Machinery Rs. 20,000

Cash Rs. 5,000

Capital Rs. 20,000

Creditors Rs. 5,000 

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Learning Pundits Content Team

Written on Apr 17, 2019 3:30:50 PM

Capital+ Liabilities = Assets

Capital Rs. 20,000 + Creditors Rs. 5,000 = Machinery Rs. 20,000 + Cash Rs. 5,000