BANKING AFFAIRS

Detailed explanation-1: -❒ Liability-side of the balance sheet comprises all of the above mentioned items. It includes Capital and Reserve, Long-term Liabilities and Current Liabilities.

Detailed explanation-2: -The Structure of a Balance Sheet Liabilities are what a company owes to others-creditors, suppliers, tax authorities, employees, etc. They are obligations that must be paid under certain conditions and time frames.

Detailed explanation-3: -Basic Requirement of a Balance Sheet Assets: The resources owned by the business entity are called assets. Assets comprise tangible assets like machinery and intangible assets like a part of the business that can’t be measured but adds value nonetheless. Example: Goodwill.