An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills accepted for Rs.800000/-. What would be the effect on the total asset and total liabilities in the balance sheet?

• A. Assets increased by Rs.800000 and liabilities decreased by Rs.800000
• B. Assets decreased by Rs.800000 and liabilities increased by Rs.800000
• C. Assets increased by Rs.1000000 and liabilities increased by Rs.800000
• D. Assets increased by Rs.800000 and liabilities increased by Rs.800000