Question

Calculate total equity of Manish Ltd; if owner equity in the beginning of the year Rs 2,80,000 revenue earned during the year Rs 5, 80,000, expenses incurred during the year Rs 18,000, creditors at the end of the year Rs 45,000. Find total assets of the business.

Answer 1

Answer:

Total equity=Owner’s equity+income-expanses=Assets-liabilities.

Hence,

Total equity=180000−150000+200000−80000=150000

Explanation:

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