0
yes it is because it is used to summarize the owner's equity.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Is owners capital a liability?
Yes owners capital is liability for businss towards its owners to be return back at the even of liquidation of business.
Is paid up capital a debit or a credit account?
aid up capital is the amount invested by owners towards business and it is the liability of business to pay back so it is liability of business and as all liability accounts it has also credit balance.
Is owner capital an asset?
no owners capital is not an asset its an internal liability for the company
Is owner capital credit or debit?
owners capital is liability of business that's why it is credit balance.
Credit balance in capital account means laibility or an asset?
liability
Which type of account is capital?
Capital is an equity account and liability of business to payback as it is the amount invested by owners in business.
Is owners capital a liability?
Yes owners capital is liability for businss towards its owners to be return back at the even of liquidation of business.
Is paid up capital a debit or a credit account?
aid up capital is the amount invested by owners towards business and it is the liability of business to pay back so it is liability of business and as all liability accounts it has also credit balance.
What type of an account is capital?
Capital account is liability nature of account because any capital introduce by owner towards business is the liability of business to return to it's owner.
Is owner's capital asset?
no owners capital is not an asset its an internal liability for the company
Is owner capital an asset?
no owners capital is not an asset its an internal liability for the company
Is owner capital credit or debit?
owners capital is liability of business that's why it is credit balance.
What happens to balance on drawings account at the end of accounting year?
Balance of drawing account is write off against owners capital at the end of fiscal year. Journal entry is as follows: [Debit] Owners capital [credit] Drawings account
Credit balance in capital account means laibility or an asset?
liability
The year-end balance of the owners capital account appears in?
The year-end balance of the owners capital account appears in owners equity.
What is the detailed record of the changes in a particular asset or liability or owners equity called?
account
Where do you record share capital?
Share capital is liability for business towards it’s owners so it is written in liability side of balance sheet under liabilities section.
