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what is liability
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Answer / anudeep
liability is the present obligation of the entity
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / abdullah amer
liabilities refer to the financial obligation of an
enterprise other than owenr,s investment
it may be current liabilities or long term liabilities.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / simran singh
1liability is anything that is a hindrance or puts an
individual at a disadvantage,
2An amount of money in a company that is owed to someone
and has to be paid in the future, such as tax, debt,
interest, and mortgage payments
There are two general classifications to sum up these types
of liability: long term and short term. Long-term describes
debt paid out over more than one year, while short-term
liability refers to debt paid within a year or less.
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / hemant
what we have to due regarding the firm that is the part of
liabilites
Means weather we have pay to govt. or have the liabilites
in business allover is the part of liabilites
so whaterver is the due for business that is the part of
liabilites
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / pradeep & devaraj from gfs
liability is a debt owed by the others for running the
business concern
| Is This Answer Correct ? | 0 Yes | 0 No |
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Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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