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.

The assets and liabilities of Rupak Store are given below. Find out the amount of    capital.

Cash Rs. 1,800; Stock Rs. 3,000; Debtors Rs. 2,000; . Furniture Rs. 1,200; Creditors  Rs. 2,500, Wages payable Rs. 500





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Learning Pundits Content Team

Written on Apr 17, 2019 3:30:21 PM

Capital + Liabilities = Assets

Capital + Creditors + Wages Payable = Furniture + Stock+ Cash + debtors

Capital + Rs. 2500 + Rs.500 = Rs. 1200 + Rs. 3000 + Rs. 1800 + Rs.2000

Capital = Rs. 5000