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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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From the following particulars taken on 31 December, 1995, you are required to prepare a bank reconciliation statement to reconcile the bank balance shown in the Cash Book with that shown in the Pass Book: (i) Balance as per Pass Book on 31 December, 1995, O/D Rs 1,027. (ii) Four cheques drawn on 31 December but not cleared till January are as follows: Rs 12; Rs 1,021; Rs 98; and Rs 113. (iii) Interest on O/D not entered in Cash Book Rs 51. (iv) Three cheques received on 30 December and entered in the bank column of the Cash Book but not lodged in bank for collection till 3 January next: Rs 1,160; Rs 2,100; and Rs 2,080. (v) Cost of cheque book, Pass Book, etc; Rs 1.50 entered twice erroneously in Cash Book in November. (vi) A Bill Receivable for Rs 250 due on 29 December, 1995 was passed to the bank for collection on 28 December, 1990 and was entered in Cash Book forthwith whereas the proceeds were credited in the Pass Book only in January following. (vii) Chamber of Commerce subscription Rs 10 paid by bank on 1 December, 1990 had not been entered in the Cash Book. (viii) Bank charges of Rs 5 had been debited in the pass book twice erroneously. . . . plz be fast
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