1.3 Which of the items in the following list are liabilities and which of them are assets?

(a) Loan to C Shirley

(d) Computers

(b) Bank overdraft

(e) We owe a supplier for goods

(c) Fixtures and fittings

(f) Warehouse we own

1.4A Classify the following items into liabilities and assets:

(a) Motor vehicles

(f) Owing to bank

(b) Premises

(g) Cash in hand

(c) Creditors for goods

(h) Loan from D Jones

(d) Stock of goods

(i) Machinery (e) Debtors

1.5 State which of the following are wrongly classified:

Assets Liabilities

Loan from C Smith Stock of goods

Cash in hand Debtors

Machinery Money owing to bank

Creditors

Premises

Motor vehicles

1.6A Which of the following are shown under the wrong headings?

Assets Liabilities

Cash at bank Loan from J Graham

Fixtures Machinery

Creditors Motor vehicles

Building

Stock of goods

Debtors

Capital

Answer rating: 100% (QA)

13 Liabilites Bank overdraft We owe a supplier for goods Asset Loan to ... View the full answer