Multiple choice

     
Rs. Rs.
Goodwill 70,000 Debtors 35,000
Plant and Machinery 60,000 Furniture 10,000
Investments 25,000 Bills payable 10,000
Outstanding Expenses 5,000 Bills receivable 9,000
Closing Stock 25,000 Cash 6,000
Creditors 45,000 Drawings 12,000
Net Profit 22,000 Capital 1,55,000
Bank overdraft 15,000

Balance sheet total will be

  1. Rs. 2,40,000

  2. Rs. 2,50,000

  3. Rs. 2,30,000

  4. None of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Assets = Goodwill + Plant + Investments + Stock + Debtors + Furniture + B/R + Cash, i.e. Rs. 2,40,000. The same are liabilities which are (Capital + N.P. - Drawings) + o/s expenses + creditors + bank overdraft + B/P

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