A business asset of Rs. 43142 and owner’s equity Rs.13210. What is the amount of liabilities?

Answer: Rs. 31102
Explanation
  • The accounting equation states: Assets = Liabilities + Owner’s Equity.
  • Rearranging for liabilities: Liabilities = Assets - Owner’s Equity43142 - 13210 = 31102.
  • This question appeared in Past Papers (2 times)
    Senior Auditor Past Papers and Syllabus (2 times)
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    ACCOUNTING (1 times)

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