A Firm reports its capital and liabilities as Rs .13,00,000 Rs. 12,25,000 respectively on 31 March 2020. what would be its assets on that data?
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Answer:
The assets of the firm on the basis of given data is ₹25,25,000.
Explanation:
Here, Capital = ₹13,00,000
and liabilities = ₹12,25,000
According to Accounting Equations (Duality Concept of Principles of Accounting):
A = L+C
where A= Assets, L=Liabilities and C= Capital
Thus, A = ₹13,00,000+ ₹12,25,000
=₹25,25,000
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