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what is Assets & Liabilities ?
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Answer / pravin kamble
Liabilities :- All the things for which we are suppose to
pay to sombody.
Asset :- All the the things for which we made investment &
we are receiving direct or indirect income.
| Is This Answer Correct ? | 12 Yes | 0 No |
Answer / urvashi sharma
assets are that things comapany owns
liability are that part of balance sheet which tells how
much a company has to payments
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / piramu
Liability means what are the source we are collect the fund
(fe)shares, Debenture, Loan from bank
we have to pay the moneny from the business income
the contributers will get the income by way of interest,
profit (who invest share's they are called owener)
Assets means how we are using the fund
where wear we invest the fund in order to effective utilse
the fund - through this only we can run the business and
get the profit
| Is This Answer Correct ? | 1 Yes | 2 No |
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.
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