Question

calculate the liability if: owner's capital in the beginning is rupees 60000. credit at the end is rupees 50000.revenue during the period is rupees 70000.expense during the period are 65000​

Answer 1

Answer:

Total Liability = Ower's Capital at the end + Creditor

=₹65,000+₹50,000=₹1,15,000 .

Owner's Capital at the end = Owner's + ₹70,000- ₹65,000 = ₹65,000.