Answer Posted / h.r. sreepada bhagi
What a company or organisation owns are assets. Assets are
shown on the Assets side of a horizontal Balance Sheet or
under Application of Funds in a vertical Balance Sheet.
What a company or organisation owes others are liabilities.
Liabilities are shown on the Liabilities side of a
horizontal Balance Sheet or under Sources of Funds in a
vertical Balance Sheet.
Example of Assets - Fixed Assets like Vehicle, Furnitures,
Land, Building, etc. and Current Assets like Stock, A/c
Receivable, Cash, etc.
Example of Liabilities - Long Term liabilities like Term
Loans, Debentures, etc. and Current Liabilities like Working
Capital Loan, A/c Payable, Duties & Taxes Payable, etc.
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