Question

How do I memorise what is asset and what is liability for balance sheet? ​

Answer 1

Liabilities = Assets - Owners' Equity

A balance sheet should always balance. Assets must always equal liabilities plus owners' equity. Owners' equity must always equal assets minus liabilities. Liabilities must always equal assets minus owners' equity...

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Answer 2

Answer:

Assets means what you hold such as machinery, building etc . Whereas liabilities are the obligations you have to pay such as loan, creditors etc.