An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills accepted for Rs.800000/-What would be the effect on the total asset and total liabilities in the balance sheet? A] Assets increased by Rs.800000 and liabilities decreased by Rs.800000 B] Assets decreased by Rs.800000 and liabilities increased by Rs.800000 C] Assets increased by Rs.1000000 and liabilities increased by Rs.800000 D] Assets increased by Rs.800000 and liabilities increased by Rs.800000

An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills  accepted for Rs.800000/-What would be the effect on the total asset and total liabilities in the  balance sheet?
A] Assets increased by Rs.800000 and liabilities decreased by Rs.800000
B] Assets decreased by Rs.800000 and liabilities increased by Rs.800000
C] Assets increased by Rs.1000000 and liabilities increased by Rs.800000 D] Assets increased by Rs.800000 and liabilities increased by Rs.800000
by

1 Answer

Answer :

D] Assets increased by Rs.800000 and liabilities increased by Rs.800000
by

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