Multiple choice

At the end of the year 2008-09, the ledger of a firm shows the following balances in their balance sheet:

 
Capital 2,00,000
Profit for the year 1,50,000
Provision for tax 75,000
Liabilities 1,00,000
Advance tax paid 60,000
Sundry assets 4,65,000

The total balance sheet would be

  1. Rs. 4,65,000

  2. Rs. 5,25,000

  3. Rs. 5,65,000

  4. Rs. 5,10,000
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Assets = Advance tax + sundry assets, i.e. Rs. 5,25,000. The same are the liabilities which include Capital + Profit + Provision + Liabilities.

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