Items that appear under liability side of a balance sheet
Briefly describe the type of items that appear under the liability side of a balance sheet?
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i) Capital
ii) Loan from bank
iii) Long Term Liabilities
iv) Current Liabilities
v) Mortgage
vi) Sundry Creditors
vii) Advance from Customers
viii) Outstanding Expenses
ix) Income Received in Advance
Briefly describe the general purpose of statement of financial position.
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