No products in the cart.

Is there any difference between assets …

CBSE, JEE, NEET, CUET

CBSE, JEE, NEET, CUET

Question Bank, Mock Tests, Exam Papers

NCERT Solutions, Sample Papers, Notes, Videos

Is there any difference between assets and liabilities. Give one example for each. Give an a conclusion..........

Posted by Manish Sangoudar 3 years, 5 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 3 years, 5 months ago

In accounting context, assets are the property or estate which can be transformed into cash in the future, whereas liabilities are the debt which is to be settled in the future.
Assets refer to the financial resources, which provide future economic benefit. Conversely, liabilities are those financial obligations, which requires being paid off in the near future.
Assets are depreciable objects, i.e. every year a certain percentage or amount is deducted as depreciation. As against this, liabilities are non-depreciable.
In the balance sheet, assets are shown on the right side, while liabilities are placed at the left. Further, the total of assets and total of liabilities should tally.
Assets are classified as current and non-current assets. On the other hand, Liabilities are classified as current and non-current liabilities.
Examples of assets – Trade Receivables, Building, Inventory, Patent, Furniture, etc. and Example of liabilities- Trade Payable, Debentures, Bank Loan, Overdraft, etc.

ANSWER

http://mycbseguide.com/examin8/

Related Questions

Paid cash to kamlesh rs 15000

Posted by Alok Bhartiya 4 months ago

CBSE > Class 11 > Accountancy

2 answers

Goods of the selling price of 3000 are further withdrawn by Sonia for personal use 20% of cost is added to fix up the selling price

Posted by Prabhdeep Mall 4 months ago

CBSE > Class 11 > Accountancy

0 answers

Accounting equation practical problem so Accounts

Posted by Garima Gaur 4 months ago

CBSE > Class 11 > Accountancy

0 answers

Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

Posted by Arya Patel 4 months ago

CBSE > Class 11 > Accountancy

0 answers

Started business with cash RS 90000 stock 30,000 Purchase परचेज फर्नीचर परचेज फर्नीचर फॉर कैश फॉर कैश 15000 में चेक पैड कैरिंग चार्ज रुपीस 1000 इन कैश सोल 1 की 2 का अबोव स्टॉक तो राम ऑन क्रेडिट रिसीव फ्रॉम राम आफ्टर ए डिस्काउंट का 200 रेंट पैड रुपीस 7000 आउट ऑफ़ व्हिच 2000 इस प्रिपेयर्ड

Posted by Anirudh Sarkar 4 months ago

CBSE > Class 11 > Accountancy

1 answers

What is bad depts and how we can show in journal and ledger

Posted by Arun Arun 4 months ago

CBSE > Class 11 > Accountancy

2 answers

Illustration 62. Given below is the Balance Sheet of Krishna & Suresh who are partners in a firm sharing profits in the ratio of 3 : 2: Liabilities Amount Creditors Bank Overdraft Investment Fluctuation Fund Contingency Reserve Capital A/c : Krishna Suresh 30,000 20,000 21,000 2,000 6,000 5,000 50,000 84,000 Assets Plant Patents Furniture Investments (Market value Stock Debtors Cash 14,000) Amount (₹) 30,000 5,000 3,000 15,000 13,000 17,000 1,000 84,000 Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

Posted by Arya Patel 4 months ago

CBSE > Class 11 > Accountancy

0 answers

Features of accounting ?

Posted by Soumyajit Patnaik 3 months, 3 weeks ago

CBSE > Class 11 > Accountancy

0 answers

Show the Accounting equation for the following transaction (i)Gopinath started business with cash

Posted by Garima Gaur 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Chapter 3 question number 21

Posted by Ansh Dwivedi 3 months, 4 weeks ago

CBSE > Class 11 > Accountancy

0 answers

myCBSEguide App

myCBSEguide

Trusted by 1 Crore+ Students

Test Generator

Test Generator

Create papers online. It's FREE.

CUET Mock Tests

CUET Mock Tests

75,000+ questions to practice only on myCBSEguide app

Google Play

Download myCBSEguide App