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Definition of assets and liabilitys

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Definition of assets and liabilitys

Posted by Sahil Gautam 6 years, 5 months ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 6 years, 5 months ago

asis	Assets	Liabilities
Meaning	The economic value of an item which is possessed by the enterprise is referred to as Assets	The economic value of any obligation or debt owed by the enterprise to any other establishment or individual is referred to as a liability
Depreciation	Depreciable	Non-depreciable
Calculation	Assets = Liabilities + Owner’s Equity	Liabilities = Assets – Owners Equity
Position in Balance Sheet	Right	Left
Types	Non-Current Asset, Current Assets	Non-Current Liabilities, Current Liabilities
Example	Cash, Account Receivable, Goodwill, Investments, Building, etc.,	Bank Overdraft, Account Payable, Long term borrowings, etc.,

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