Question

An Asset purchased for Rs.60,000 and paid Rs.10,000 and remaining amount is payable in installments. This effect leads to ______ a) Both assets & Liabilities increased by Rs.50,000 b) Both assets & Liabilities Decreased byRs.50,000 c) Assets Increased by Rs.10,000 & Liabilities Decreased by Rs.10,000 d) Assets Increased by Rs.50,000 & Liabilities Decreased by Rs.50,00

Answer 1

both asset and liability increase by 50,000