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What else can I help you with?
If payment on a current liability?
Payment On Current Liability Debit The Current Liability (say Sundry Creditor) (Liability Decreases) Credit Cash Or Bank (Current Asset Decreases)
Is Cash Credit Loan a current Liability?
no
Is loaned cash an asset?
Yes, it is a current asset as part of the cash at bank. It also creates a liability for the amount of the loan.
Is petty cash a asset or liability?
Petty cash is current asset and shown under cash in hand section of balance sheet in asset side.
ARE Cash discounts AN asset or liability?
Cash discounts are a liability.
What are the liability products in banking?
Current Accounts, savings accounts, Demand drafts and cash deposits are all liability products offered by banks to its customers.
When borrowing money do you increase your assets and liabilities at the same time?
Yes. The borrowed money is cash, an asset, and on the liabilities and equity side a liability is incurred. If the liability is due within the period it is a current liability.
Where does bank go in a trading profit and loss account or balance sheet?
Well salaries payable is liability of an organization . This is a current liabilities so they are posted in capital and liability side of a balance sheet.
Is liability for withholding taxes a current or non current liability?
current liability
Are lease provisions a current liability or non current liability?
Non-current liability, all provisions are non current.
Is Demand loan a current liability or a long term liability?
a current liability
What happens to the current ratio when an accounts payable is paid with cash?
When an accounts payable is paid with cash, both current assets and current liabilities decrease by the same amount, as cash (a current asset) is reduced and accounts payable (a current liability) is also reduced. Consequently, the current ratio, which is calculated as current assets divided by current liabilities, remains unchanged. However, the overall liquidity position of the company may improve as it reduces its liabilities.
