loan on mortgages final account me kahan ayega
Answers
Business requires some resources which it uses over its useful life. Resources do not come free; business requires finance to acquire them. Finance is provided by the owners through investments, Banks, other financial institutions, suppliers.
The balance sheet shows the financial position i.e. balances of assets, liabilities on balance sheet, and capital of an entity at the end of the financial year.
It shows the sources of the fund (liabilities and capital) and also the application of such funds (i.e. Assets). The total amounts of both the liabilities on balance sheet and assets on the balance sheet must match because of the accounting equation (Assets = Liabilities + Capital).
Answer:
In Balance sheet
Explanation:
The account Mortgage Loan Payable contains the principal amount owed on a mortgage loan. (Any interest that has accrued since the last payment should be reported as Interest Payable, a current liability. Future interest is not reported on the balance sheet.)
Any principal that is to be paid within 12 months of the balance sheet date is reported as a current liability. The remaining amount of principal is reported as a long-term liability (or noncurrent liability).
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