Question

10. The position of a businessman on 31st march 2012 was as follows-cash
Rs5000, Debtors Rs20000, Machine Rs60000, stock Rs25000, Capital
Rs 75000, Calculate his liabilities.​

Answer 1

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Answer 2

Concept: Liability is that kind of financial obligation which cab be pay later in future. For example:- creditors, bills payable, outstanding salary, etc.

Answer:

Assets=Liabilities+Capital

Cash+Debtors+machinery+stock=Liabilities+Capital

5,000+20,000+60,000+25,000=Liabilities+75,000.

1,10,000=Liabilities+75,000.

1,10,000-75,000=Liabilities

Liabilities=Rs. 35,000.

Alternate method:

                                          Balance sheet

                                   As at 30th June, 1994

Liabilities                    Amount                   Assets                       Amount

Capital                        75,000                     Cash                            5,000

Liabilities (B.F)            35,000                     Debtors                      20,000

                                                                    Machinery                  60,000

                                                                    Stock                           25,000

                                                                                                                     

                                   1,10,000                                                       1,10,000

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