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Question No 24 Chapter No 5
24. Calculate the total assets if:
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Total Capital is given = 75,000
Total liability is also given = 15,000
So, we can find out total Assets
With the Help of Following Formula, we can find out this.
Total Assets = Total/closing Capital + Total Liabilities
Total Assets = 75,000 + 15,000
Total Assets = 90,000/-
2. Total liability is also given = 15,000
Closing Capital = Opening Capital + Income/Profit – Expenses/loss/Drawing
Closing Capital = 75000 -1700 – 800
Closing Capital = 72,500/-
So, we can find out total Assets
With the Help of Following Formula, we can find out this.
Total Assets = Total/closing Capital + Total Liabilities
Total Assets = 72,500 + 15,000
Total Assets = 87,500/-
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question No 24 Chapter No 5 - T.S. Grewal 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 11 Class Financial Accounting.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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