Mathematics · Accounting Equations
BlueOcean Services starts with ₹15,00,000 cash and ₹5,00,000 equipment with zero liabilities. During the month, it bills a client ₹4,00,000 (receives ₹1,00,000 in cash and ₹3,00,000 as accounts receivable), pays ₹50,000 rent and ₹1,20,000 salaries in cash, purchases a computer for ₹60,000 on credit, owner withdraws ₹40,000 cash for personal use, and records ₹10,00,000 depreciation on equipment. Calculate total Assets, Liabilities, and Equity at the month-end.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Assets: ₹22,20,000; Liabilities: ₹60,000; Equity: ₹21,60,000
- 2Assets: ₹22,80,000; Liabilities: ₹1,00,000; Equity: ₹21,80,000✓
- 3Assets: ₹22,80,000; Liabilities: ₹60,000; Equity: ₹22,20,000
- 4Assets: ₹22,20,000; Liabilities: ₹1,00,000; Equity: ₹21,20,000
Correct answer
Assets: ₹22,80,000; Liabilities: ₹1,00,000; Equity: ₹21,80,000
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