Accountancy Balance sheet statement

An asset was purchased for Rs. 5,00,000 with the down payment of Rs. 1,00,000 and bills accepted for Rs. 4,00,000. What would be the effect on the total asset and total liabilities in the Balance Sheet?

1
Assets increased by Rs. 4,00,000 and liabilities increased by Rs. 4,00,000
2
Assets increased by Rs. 4,00,000 and liabilities decreased by Rs. 4,00,000
3
Assets decreased by Rs. 4,00,000 and liabilities increased by Rs. 4,00,000
4
More than one of the above
5
None of the above

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