Accounting and Finance Tutorial 02

1. Which of the following statements is incorrect?

💖(a) Liabilities + Assets = Capital 
(b) Assets – Liabilities = Capital
(c) Liabilities + Capital = Assets
(d) Assets - Capital = Liabilities

2. On January 1st, 2009 an entity's balance sheet showed total assets of Rs. 750 and liabilities of Rs. 250. Owners' equity on January 1st was?

(a) Rs. 750
(b) Rs. 1,000
💚(c) Rs. 500 
(d) Rs. 250

3. If the assets of a business are Rs. 100,000 and equity are Rs. 20,000, the value of liability will be?

(a) Rs. 100,000
 💙(b) Rs. 80,000 
(c) Rs. 120,000
(d) 20,000

4. Find out the missing value liabilities in an accounting equation with the help of given data?


 (a) Rs. 201,000 liabilities
 💛(b) Rs. 111, 000 liabilities
 (c) Rs. 290, 000 liabilities
 (d) Rs. 291, 000 liabilities

5. Consider the following data?


(a) Rs. 49,000
 (b) Rs. 55,000
💜(c) Rs. 440,000 
(d) Rs. 250, 000

6. Complete the columns to show the effects of the following transactions

 Assets = Liabilities + Capital