Classify the following items into Income and Expenditure :
(i) Staff salary
(ii) Workers' wages
(iii) Interest on investment
(iv) Dividend on shares
(v) Interest on bank deposits
(vi) Discount allowed
(vii) Rent of office
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Find out the Total Liability (internal as well as external) at the end of the year if :
- (i) Proprietor's equity at the beginning of the year * 80.000
- (ii) Creditors' equity at the beginning of the year 40,000
- (iii) Proprietor's withdrawal during the year 15,000
- (iv) Net profit during the year 25,000
- (v) Borrowed from Allahabad Bank during the year 250,000
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