If owner's capital is Rs. 2,40,000 and other liabilities are Rs. 1,20,000, cash in hand is Rs. 60,000, total assets of the firm will be _____________.
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Answer:
We know that-
Total asset=Total liability
Total liability=capital +other liability
=240000+120000
=360000
Hence,
Total asset will also =360000{due to accounting equcation }
It means 60000 is cash in hand {current asset}and balance amount 300000is our fixed asset
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