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Liabilities are legal obligations or debt owed to another person or company. , liabilities include loans, accounts payable , mortgages, deferred revenues, and accrued expenses.
On the right side, the balance sheet outlines the companies liabilities.
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Question : Prize Fund Rs. 1,00,000; Interest on Prize Fund Investments Rs. 10,000; Prizes awarded Rs. 20,000; Prize Fund Investments Rs. 80,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?
Question : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?
Question : Which of the following statements is correct?
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