alleryStart learning →An entity holds assets of Rs 8,50,000 and liabilities of Rs 3,20,000. What is its equity?
ARs 3,20,000
BRs 11,70,000
CRs 8,50,000
DRs 5,30,000
Answer & Solution
Correct answer: D. Rs 5,30,000
Equity is the residual: 8,50,000 minus 3,20,000 gives 5,30,000.
Keep practising Conceptual Framework for Financial Reporting
Browse all Conceptual Framework for Financial Reporting questions for CA Final, or explore more Financialreporting topics.
Related questions
Ind AS 107 deals with disclosures relating to which subject?Once a company adopts Ind AS, voluntarily or mandatorily:Which body recommends Ind AS to the Ministry of Corporate Affairs?Equity rose from Rs 10,00,000 to 11,50,000; owners added 60,000, dividends 20,000. ComprehConsolidated statements show parent and subsidiaries as:A cash flow statement reports activities under which three heads?Which statement is a snapshot at one date?Foreseeable future for going concern is usually: