Write down the accounting equation

Reference no: EM131305394

To understand the accounting equation and its elements

QUESTION

Mr. "A" starts a new business. Before to start the business operation, he has purchased vehicle Rs. 1,500,000, office premises Rs. 3,000,000, stock of goods Rs. 1,000,000 for his business. He has paid in full for vehicle and office premises but did not pay in full for stock of goods and owes Rs. 300,000 for goods. He had taken loan Rs. 1,400,000 from his friend Mr. "B" in order to meet the business needs. After the above mentioned transactions, he has Rs. 200,000 cash in hand and Rs. 800,000 cash at bank for the business.
Required

1. Write down the "Accounting Equation" if:

a) Resources in business supplied by the owners only

b) Resources in business supplied by the owners and outsiders

2. Based on the information given above for the business of Mr. "A", calculate the following:
a) Total assets

b) Total liabilities

c) Capital

Reference no: EM131305394

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len1305394

12/8/2016 5:22:08 AM

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len1305394

12/8/2016 5:21:05 AM

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