Liability and Assets
What are Liability and Assets in Accounting equation. Also describe it with the help of formula.
Expert
Liability and Assets are the two portions of accounting equation. Liability is always equivalent to assets of company. The liability is payable amount to owner and exterior. In case whenever businessman has not taken any loan, all liability will be equivalent to the capital of that businessman. In second condition whenever a company has not taken any loan, each and every share capital will be the liability of business.
Total liability = Owner's equity + outside equity
The following information is taken from the financial statements of an entity: 20x4 20x3 Property, plant and equipment $4,600,000 $4,200,000 Accumulated depreciation (1,800,000) (1,350,000) Depreciation expense 560,000 Gain on disposal of PPE 65,000 The asset disposed of had a cost
Average Profit Method: (Goodwill method): The profit earned by an organization throughout previous accounting periods on an average basis is termed as average profit. Goodwill is computed on the basis of average profit due to prospect expectations of
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