(b) Classify the following items as either asset or liability: Item Asset or liability (i) An overdraft ………………………………………………………… (ii) Bank loan ………………………………………………………… (iii) Closing stock ………………………………………………………… (iv) Furniture and fittings ………………………………………………………… (v) Rent receivable ………………………………………………………… (vi) Cash in hand ………………………………………………………… [6]
(b) Classify the following items as either asset or liability: Item Asset or liability (i) (ii) (iii) (iv) (v) (vi) An overdraft Bank loan Closing stock Furniture and fittings Rent receivable Cash in hand ………………………………………………………… ………………………………………………………… ………………………………………………………… ………………………………………………………… ………………………………………………………… ………………………………………………………… [6]