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What is internal and external liability?

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What is internal and external liability?

Posted by Rashmi Kumari 5 years, 1 month ago

CBSE > Class 11 > Accountancy

2 answers

Yogita Ingle 5 years, 1 month ago

Internal liability:- it is the amount payable to the owner by the business. It appears as capital in balance sheet.
External liability:- liability which are payable to outsiders. External liability arrives because of credit purchases or loans raised or taken. eg:-creditors, bank loan, bills payable etc.

.... .... 5 years, 1 month ago

All obligations which a business has to pay back to external parties such as promoters(owners) employees etc.are termed as internal liabilities..example capital, salaries etc.... All obligations which a business has to pay back to external parties i.e. lenders vendors etc.are termed as external liabilities..example creditors,taxes, borrowings etc....

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