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Liabilities are shown on the left hand side of the Balance Sheet and classified as Owner’s Fund or Equity, which determines owner’s capital, fund that includes undistributed profits and reserves.

Long-term-liabilities includes loan that are paid in a long duration like of 10 years or in 15 years and mainly used to purchase a fixed asset. Current liabilities are kind of liability which is paid within a year like creditors, bills payable, expenses, outstanding balance, bank overdraft etc. there are another kind of liabilities also like contingent liability which becomes payable during happening of certain event like reimbursement of any kind of emergency claim, payment for disputed claim or liability in payment of bills discounted etc.

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