Give an example of decrease in an asset and decrease in a liability.
Download our app for free and get started
Cash paid to a creditor.
Download our appand get started for free
Experience the future of education. Simply download our apps or reach out to us for more information. Let's shape the future of learning together!No signup needed.*
Similar Questions
- 1View SolutionWhat is Journalising?
- 2View SolutionWhich transaction decreases one asset and increases another asset?
- 3View SolutionIf total assets of a business are ₹ 1,30,000 and net worth is ₹ 80,000, calculate the creditors.
[Hint: Net Worth = Assets - Liabilities] - 4View SolutionIf the Capital is ₹ 1,00,000 and Outside Liabilities are ₹ 2,50,000, find the Total Assets.
- 5View SolutionWhat is Compound Journal Entry?
- 6View Solution‘X’ commenced business on 1st April, 2013 with a capital of ₹ 6,00,000. On 31st March, 2014 his assets were worth ₹ 8,00,000 and liabilities ₹ 50,000. Find out his closing capital and profits earned during the year.
- 7View SolutionFrom the following information find the capital of Vijay: Total Assets 5,00,000; Creditors ₹ 1,00,000; Loan from Bank ₹ 1,50,000.
- 8View SolutionWhat is Debit?
- 9View SolutionNo account is opened in the name of the Proprietor in the books of the firm. Give reason.
- 10View SolutionIncrease in a Liability Account is recorded on its credit side. Give reason.