plzzzzzzzzzzzzzzzzzzzzz explain properly If total assets of a business are Rs 1,00,000 and capital is Rs 40,000 calculate creditors.
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Assets = Rs. 1,00‚000; Net worth or Owner's Equity = Rs. 40,000; Outside liability = ?
The accounting equation is:
Assets = Outside liability + Owner's Equity
Rs. 1,00,000 = Outside liability + Rs. 40,000
Outside liability = Rs. 1,00,000 - Rs. 40,000
Outside liability = Rs. 60‚000
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Q5.Prepare accounting equation from the following transactions
1.Started business with cash Rs.70,000.
2.Credit purchase of goods Rs.18,000.
3.Payment paid to creditor in full settlement Rs.17,500.
4. Purchase machinery for cash Rs.20,000.
1.Started business with cash Rs.70,000.
2.Credit purchase of goods Rs.18,000.
3.Payment paid to creditor in full settlement Rs.17,500.
4. Purchase machinery for cash Rs.20,000.
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