unit-3-basic-accounting-terms-and-concepts

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.

Krishna has invested a capital of Rs. 80,000 on June 30, 1987. He purchased goods from Suresh on credit, amounting to Rs. 20,000. Find out the value of assets.




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Learning Pundits Content Team

Written on Apr 17, 2019 3:12:55 PM

We know that Capital+ Liabilities = Assets

Capital = Rs. 80,000

Liabilities = Credits = Rs. 20,000

So, by the formula: Rs. 80,000 + Rs. 20,000 = Assets

Assets= Rs. 1,00,000