Question No 23 Chapter No 5
23. Calculate the total assets if:
- Capital is Rs 40,000.
- Creditors are Rs 25,000.
- Revenue during the period is Rs 50,000.
- Expenses during the period are Rs 40,000.
The solution of Question No 23 Chapter No 5: –
Opening Capital is given = 40,000
Total liability is also given = 25,000
Revenue earned During the Year is given = 50,000
Expenses incurred during the year is given = 40,000
So, Closing Capital/Total Capital can be calculated with the following formula
Total/Closing Capital = Opening capital + Revenue – Expenses
Total/Closing Capital = 40,000 + 50,000 – 40,000
Total/Closing Capital = 50,000/-
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 = 50,000 + 25,000
Total Assets = 75,000/-
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