Problem with Solution

For example, Mr. X started a business with Rs. 100000. Out of Rs. 100000, Rs. 70000 have been provided by the owner, X and Rs. 30,000 have been borrowed from a bank. Now, the equity (total funds) of the business is Rs. 100000 but owner's equity (capital) of the business is Rs, 70,000.
18. ASSETS:
Assets are the economic resources (having certain value) owned by a business on a particular date and which are expected to benefit the future operation of the business.
Or
Assets are the properties and possessions of a business both tangible (have physical existence) and intangible (have no physical existence).
Or
Assets are the things having certain value possessed by a business and receivable by a business on i particular date. For example, cash, furniture, building, land, machinery, stock of goods. Debtors or Accounts receivable, Bank balance, Goodwill etc.
19. LIABILITIES:
Liabilities are the debts or obligations of a business.
Or
The outsider's (creditors etc.) claims against the assets of the business are known as "Liabilities". There are two main parties who have claims, against the assets of a business; (a) Owner's claim; (b) Outsiders' claims. The owner's claim against the assets of a business is known as owner's equity and outsider's claims against the assets of the business are known as "liabilities."
Or
Liabilities mean the total amount which a business is legally bound to pay to the outsiders, e.g. ^editors, Bills payable, Accounts payable, Bank loan etc.
20. ACCOUNTING PERIOD:
It is a span of time for which a business generally prepares its financial statements (the statement prepared to know the profit or loss of a business and to Icnow its financial position). Mostly the financial reports are prepared for one year but they may also be prepared for one month or for one quarter.
21. REVENUE:
All business organisations are engaged in providing goods or services to their customers. The «nount which a business charges its customers for these goods or services, measures the revenue of the business.
• Or
It is the price of goods sold or services provided by a business to its customers.
Or
Revenue is the inflow of assets (cash or debtors) in return for services performed or goods delivered (sold) during an accounting period.
Ch­it is inflow of cash and debtors (receivable) in exchange for goods sold or services rendered during • accounting period.