No
Payment On Current Liability Debit The Current Liability (say Sundry Creditor) (Liability Decreases) Credit Cash Or Bank (Current Asset Decreases)
no
Yes, it is a current asset as part of the cash at bank. It also creates a liability for the amount of the loan.
Petty cash is current asset and shown under cash in hand section of balance sheet in asset side.
Cash discounts are a liability.
Current Accounts, savings accounts, Demand drafts and cash deposits are all liability products offered by banks to its customers.
current liability
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.
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.
Non-current liability, all provisions are non current.
a current liability
Liabilities are decreased by a debit entry...typically a cash payment (Dr. the liability; Cr. Cash)