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what is liability? give some entry
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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 |
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Sanjay Ltd invited applications from the public for the issue of 10,000 equity shares of Rs. 10 each at a premium of 20%, payable Rs. 3 on application; Rs. 5 on allotment including premium and the balance in two calls of an equal amount. Applications for 15,000 equity shares were received. The directors allotted 10,000 shares to all the applicants on pro-rata basis adjusting the excess application money towards allotment. All money due on allotment and calls were received. Give journal entries to record the above transactions in the books of the company. Also show the balance sheet.
Audit 
