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libilities accounts come under what type of accounts(under
real, nominal or personal) if its nominal, generally
nominal will not come in balance sheet, why we shown in
balance shhet?
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Answer / prasant m
Liabilities is a Nominal accounts,your second q is why it is
comes under Balance sheet,where as my view first we should
know why we need to prepare Balance sheet?
to find exact position of business at the year ending,how
much assets value excess over liabilities or how much
liabilities excess over assets,by that we can find what is
the business value at year ending.
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