Question

If owner's funds are Rs.50000, Outside liabilities are Rs.70000, Contingent
Liabilities are Rs.20000 then Total Assets of the firm is -
a) Rs. 1,40,000
b) Rs. 1,20,000
c) Rs.1,00,000
d) None of the above​

Answer 1

Answer:

Accounting Equation can be defined as:

Owner's Capital + Outside Liabilities = Total Assets

by putting the available information:

Rs.70000 + Rs.20000  = Total Assets

Total assets = 90000

Explanation:

Answer 2

Explanation:

Owner's fund:- ₹50000

Out side liabilities:- ₹70000

Contingent liabilities:- ₹20000

Total assets of the firm -? - ₹1,40,000

ANSWER:- 1,40,000

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