this question only by typing your answers in the typing space available for this question. Identify the accounting concept used in the following, and explain the concept [Marks:2*3=6] I. When Manish, the owner of the business, starts the business with Cash Rs.40,000 and Building Rs.50,000 then this fact is recorded as Capital + Liabilities = Assets Manish = Building + Cash Rs.90,000 = Rs.50,000 + Rs.40,000 1238/ the businessines is ases by boroving R 2000 Manish + Loan = Building + Cash Rs.90,000 + Rs.20.000 = Rs.50,000 + Rs.60,000 Il. Asset purchased by the business is recorded at the price paid to acquire it