Current liabilities are the part of total liabilities. If you will forget it from calculating of total liabilities, you will do biggest mistake. Still, these are the small than long term liabilities but still it has the power to liquidate the company. So, you should learn all the current liabilities through knowing its examples.
Following are the main examples of current liabilities.
1st Example : We have taken goods from Sham of Rs. 10,000 on credit. We have taken goods from Ram of Rs. 15,000 on credit. We have taken goods from Mohan of Rs. 20,000. When we make its total, it will be sundry creditors.
Current liability = Sundry Creditors = 10,000 +15,000+20,000 = 45000
2nd Example : We have written the bill on the Mohan. Mohan has to pay the bill within 3 months.
Current Liability = Sundry Creditor + Bill Payable = (45000 -20,000) + 20,000 =45000
3rd Example : We have to pay the salary to 20 employees on their due date but we did not pay on due date. Amount of Salary is Rs. 50,000
Current Liability = Sundry creditors + bill payable + salary outstanding = 25000+20000+50000 =95000
4th Example : We have to pay insurance bill of Rs. 5000 on due date. We have to pay electricity and his penalty on due date of Rs. 20,000. We have to pay other expenses on due date but we did not pay of Rs. 1,00,000.
Current Liability = Sundry creditors + bill payable + salary outstanding + outstanding insurance + outstanding electricity expenses + other outstanding expenses = 25000+20000+50000 + 5000+20000+100000 =220000
5th Example : Our advance commission received on sale = Rs. 30000
Current liability = 220000 +30000 = 250,000
6th Example : SBI bank overdraft = Rs. 50,000
Current liability = 250,000+50,000 = 3,00,000
7th Example : We have taken short term loan from Sohan of Rs. 20,000
Current liability = 3,00,000 +20000 = 320,000
8th Example : We have to pay our company's income tax of Rs. 40,000. But not paid on due date.
Current liability = 320,000 +40,000 = 360000
9th Example : We have created 10% provision on our debtors. Our this year provision is Rs. 60000
Current liability = 360000 + 60,000 = 420,000
10th Example : We have taken HDFC credit card debt of Rs. 50,000
Current liability = 420,000 + 50,000 = 470,000
11th Example : We have collected TDS of Rs. 1,00,000 from employees but not paid in government account.
Current liability = 470,000 +1,00,000 = 5,70,000
12th Example : We have collected VAT from our customer of Rs. 2,00,000 and not deposited in Govt. account.
Current liability = 5,70,000 + 2,00,000 = 7,00,000
Following are the main examples of current liabilities.
1st Example : We have taken goods from Sham of Rs. 10,000 on credit. We have taken goods from Ram of Rs. 15,000 on credit. We have taken goods from Mohan of Rs. 20,000. When we make its total, it will be sundry creditors.
Current liability = Sundry Creditors = 10,000 +15,000+20,000 = 45000
2nd Example : We have written the bill on the Mohan. Mohan has to pay the bill within 3 months.
Current Liability = Sundry Creditor + Bill Payable = (45000 -20,000) + 20,000 =45000
3rd Example : We have to pay the salary to 20 employees on their due date but we did not pay on due date. Amount of Salary is Rs. 50,000
Current Liability = Sundry creditors + bill payable + salary outstanding = 25000+20000+50000 =95000
4th Example : We have to pay insurance bill of Rs. 5000 on due date. We have to pay electricity and his penalty on due date of Rs. 20,000. We have to pay other expenses on due date but we did not pay of Rs. 1,00,000.
Current Liability = Sundry creditors + bill payable + salary outstanding + outstanding insurance + outstanding electricity expenses + other outstanding expenses = 25000+20000+50000 + 5000+20000+100000 =220000
5th Example : Our advance commission received on sale = Rs. 30000
Current liability = 220000 +30000 = 250,000
6th Example : SBI bank overdraft = Rs. 50,000
Current liability = 250,000+50,000 = 3,00,000
7th Example : We have taken short term loan from Sohan of Rs. 20,000
Current liability = 3,00,000 +20000 = 320,000
8th Example : We have to pay our company's income tax of Rs. 40,000. But not paid on due date.
Current liability = 320,000 +40,000 = 360000
9th Example : We have created 10% provision on our debtors. Our this year provision is Rs. 60000
Current liability = 360000 + 60,000 = 420,000
10th Example : We have taken HDFC credit card debt of Rs. 50,000
Current liability = 420,000 + 50,000 = 470,000
11th Example : We have collected TDS of Rs. 1,00,000 from employees but not paid in government account.
Current liability = 470,000 +1,00,000 = 5,70,000
12th Example : We have collected VAT from our customer of Rs. 2,00,000 and not deposited in Govt. account.
Current liability = 5,70,000 + 2,00,000 = 7,00,000
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