What will u do to reduce the balance of any liability account?
Dear Student,
Liability is kind of payment that business needs to pay to the creditor. In order to reduce the liability we need to debit it and we can debit a liability by paying concerned amount of liability in the form of cash, asset etc. to the creditor or any person to whom the business needs to make payment.
Regards
Liability is kind of payment that business needs to pay to the creditor. In order to reduce the liability we need to debit it and we can debit a liability by paying concerned amount of liability in the form of cash, asset etc. to the creditor or any person to whom the business needs to make payment.
Regards
