what is liability? give some entry
Answers were Sorted based on User's Feedback
Answer / ansar
the liablity like what r the outstanding & we should to pay something called liablity.. etc
supplier outstanding , make any loss of provision.
ex: car loan " car" is assets" but "loan" is like liablity
Is This Answer Correct ? | 8 Yes | 1 No |
Answer / deepika
liabilities are debts,they are amount whichthe firm owes to
creditiors
liabilites= assets-capital
Is This Answer Correct ? | 5 Yes | 1 No |
Answer / janvi sangle
liability means payables of company for eg.: Duties and taxes
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / a.praveen
liability means the amount which should have to pay with intrest within a time limit.
Is This Answer Correct ? | 0 Yes | 2 No |
Which accounting application you prefer most and why?
salary entry with briefly including pf,esi,employee advances -journal entry with against payment entry
what is the difference between shares and debentures
How to determine the market value of a company and what factors are relevant to determine if the company is a viable investment in the long term?
Received Invoice from Tvs Co. against purchase of 15 pcs of Mouse @ 750 excluding VAT 4%, Pass journal entry in the necessary books of accounts?
A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
what is representative personal accounts?? explain with examples...
What is royalty reserve?
Why Reserves and Surplus are shown on the liabilities side of the balance sheet.? justify your answer.
4 Answers Infosys, Muthoot Group,
what is the journal entries of payable?
Profit or loss on revaluation is shared among the partners in _______ ratio. (a) Old Profit Sharing. (b) New Profit Sharing. (c) Capital. (d) Equal.
Give 15 examples for real and nominal accounts