Multiple Choice Questions on On which side the Bank loan is shown in which statement ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

On which side the Bank loan is shown in which statement ........

General Accounting Principles Accounting cycles
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    On which side the Bank loan is shown in which statement

    Asset side – balance sheet

    Incorrect Answer

    Liability side – balance sheet

    Correct Answer

    Dr side – Balance sheet

    Incorrect Answer

    Cr side – Balance sheet

    Incorrect Answer
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    Explanation:

    Bank Loan is taken from outsiders as an aid to business and is required to be paid back. Hence, it is a liability shown in Balance Sheet.

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