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A business asset of Rs. 43142 and owner’s equity Rs.13210. What is the amount of liabilities?

A business asset of Rs. 43142 and owner’s equity Rs.13210. What is the amount of liabilities?

Explanation
  • The accounting equation states: Assets = Liabilities + Owner’s Equity.

  • Rearranging for liabilities: Liabilities = Assets - Owner’s Equity → 43142 - 13210 = 31102.