📝 One-liners · 36 cards
Balance Sheet Equation
Owner brings ₹2,00,000 cash — Effect on Assets / Effect on Liabilities / Effect on Capital?
Effect on Assets: + ₹2,00,000 (Cash); Effect on Liabilities: No change; Effect on Capital: + ₹2,00,000
Term loan of ₹3,50,000 from bank — Effect on Assets / Effect on Liabilities / Effect on Capital?
Effect on Assets: + ₹3,50,000 (Cash); Effect on Liabilities: + ₹3,50,000 (Loan); Effect on Capital: No change
Purchased goods on credit ₹80,000 — Effect on Assets / Effect on Liabilities / Effect on Capital?
Effect on Assets: + ₹80,000 (Stock); Effect on Liabilities: + ₹80,000 (Creditors); Effect on Capital: No change
Sold goods costing ₹50,000 for ₹70,000 cash — Effect on Assets / Effect on Liabilities / Effect on Capital?
Effect on Assets: Net + ₹20,000 (Cash up ₹70k, Stock down ₹50k); Effect on Liabilities: No change; Effect on Capital: + ₹20,000 (Profit)
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