Do you know what is liabilities and what all does include in current liabilities?
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Answer Posted / Rohit Choudhry
Liabilities are obligations or debts that a company owes to others. Current liabilities are debts that are expected to be paid off within one year or the company's operating cycle, whichever is longer. Examples of current liabilities include accounts payable, accrued expenses, salaries payable, taxes payable, and short-term loans.
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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