Accountancy, asked by varshachowdaryvarsha, 3 months ago

borrowings are liabilities or assets

Answers

Answered by gowrinaiduthota35

Answer:

A liability is a debt or something you owe. Many people borrow money to buy homes. In this case, the home is the asset, but the mortgage (i.e. the loan obtained to purchase the home) is the liability. The net worth is the asset value minus how much is owed (the liability).

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