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.

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The assets of a business on December 31, 1987 are Rs. 50,000 and capital is Rs. 30,000. Find out the amount of liabilities.

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Learning Pundits Content Team

Written on Apr 17, 2019 3:12:24 PM

We know that Capital+ Liabilities = Assets

Capital = Rs. 30,000

Assets = Rs. 50,000

So, by the formula: Rs. 30,000 + Liabilities = Rs. 50,000

Liabilities= Rs. 50,000 – Rs. 30,000 = Rs. 20,000