Chapter 5 – Accounting Equations – TS Grewal 2022
Question 25
Calculate the amount of External Equities as on 31st March, 2022 in the following cases:
(i) On 31st March, 2022, total assets and capitals were ₹15,00,000 and ₹10,50,000 respectively.
(ii) On 1st April, 2021, Mukesh started a business with a capital of ₹3,00,000 and a loan of ₹3,00,000 borrowed from a friend. During the year, he earned a profit of ₹1,50,000. On 31st March, 2022, the total assets were ₹15,00,000.
(iii) On 1st April, 2021. Ramesh started business with a capital of ₹3,00,000 and a loss of ₹3,00,000 borrowed from a friend. During the year, he earned a profit of ₹1,50,000, introduced an additional capital of ₹1,80,000 and had withdrawn ₹90,000 for his personal use. On 31st March, 2022 total assets were ₹15,00,000.
Solution:
Calculate the amount of external equities as on 31st march
