Question

Bank charges asset or liability

Answer 1

Answer:

______________________________

firm have to pay bank charge

bank charges isn't asset of the business...

bank charges is a liability

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Answer 2

Bank Charges is a liability.

Bank Charges is a liability as it is a liability of its owner to pay this to bank.

Bank charge some amount for giving some facilities so they deduct particular amount for the same.

Bank A/C is an asset but bank charges is an liability.

For example - Nowadays bank send SMS for each transaction to its owner and for sending that SMS they charge some amount that is known as bank charges.