Is It True That The Basic Accounting Equation Is A=L+P?

Yes it is always true that Asset = Liabilities + Capital

1. The assets are all the things that you own. Has a debit balance.
2. The liabilities are all the things that you owe. Has a credit balance.
3. The capital is the net worth or your investment – mainly initial investment. Has a credit balance.

All the things which you own (mean assets) are financed either with the capital or with borrowed funds; therefore, assets = liabilities +  capital. Or in other words your debit balance should be equal to your  credit balance.