If capital is 1050000. Reserves are 550000 basi loan is 400000 and current liabiliteis are 150000 . How much will be the total asswt
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Dual aspect concept defines that every business transaction will have its two effects. One for debit and one for credit. For every debit there will be a credit and vice versa. At the end, the total balance of debit must be equal to the total balance of credit.
In the given situation:
Total Assets = Capital + Outsider's Liabilities
150000 = 70000 + Outsider's Liabilities
Outsider's Liability = 150000 - 70000
Outsider's Liability = Rs. 80000
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