what is asset and what is liability ? why in B/S both will tally at the of the

what is asset and what is liability ? why in B/S both will
tally at the of the accounting yr or financial yr as the
case may be ?

Question Posted / shabarinath

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what is asset and what is liability ? why in B/S both will tally at the of the accounting yr or fin..

Answer / sunil

Asset means the property which we owned.Liability means
which we have to pay.To know about the position of an
organisation .

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