Question

What is external liability ?....
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Answer 1

Answer:

External Liability – All obligations which a business has to pay back to external parties i.e. lenders, vendors, etc. are termed as external liabilities. Example – Borrowings, Creditors, Taxes, Overdraft, etc.

Answer 2

here's your answer ⭐

The total amount of debts payable by a business to the outsiders (other than the owners) are called external liabilities e.g., creditors, bills payable etc.

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