Accounting equation signifies 

(a)

Capital of a business is equal to assets

(b)

Liabilities of a business are equal to assets

(c)

Capital of a business is equal to liabilities

(d)

Assets of a business always equal to the total of capital and liabilities

A firm has assets of Rs.1,00,000 and the external liabilities of Rs.60,000. Its capital would be  

(a)

Rs.1,60,000

(b)

Rs.60,000

(c)

Rs.1,00,000

(d)

Rs.40,000

Accounting equation is formed based on the accounting principle of

(a)

Dual aspect

(b)

Consistency

(c)

Going concern

(d)

Accrual

Which one of the following is representative personal account?

(a)

Building A/c

(b)

Outstanding salary A/c

(c)

Mahesh A/c

(d)

Balan & Co

With drawal of cash from business by the proprietor should be credited to 

(a)

Drawings A/c

(b)

Cash A/c

(c)

Capital A/c

(d)

Purchases A/c