Question
A company has assets of ₹12 lakh and owner's equity of
₹7 lakh. If the company purchases inventory worth ₹3 lakh on credit, what will be the new liabilities?Solution
Assets = ₹12 lakh Equity = ₹7 lakh Liabilities = Assets – Equity = ₹5 lakh After purchase on credit, liabilities increase by ₹3 lakh, so new liabilities = ₹5 lakh + ₹3 lakh = ₹8 lakh
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