🏦 Assets, Liabilities, and Equity

These are three important ideas that help us understand - what we own and what we owe.

1. Assets (What You Own)

Assets are things that belong to you.

Examples:

Money 💵
Toys 🧸
Books 📚

👉 If it’s yours, it’s an asset!

Why is this Important?

Helps you understand your money
Teaches responsibility
Helps you make smart choices

2.Liabilities (What You Owe)

Liabilities are things you need to pay back.

Examples:

Borrowed money
Owing a friend

👉 If you owe it, it’s a liability.

Questions

Maria has ₱150. She buys a toy for ₱45 and still owes her friend ₱20.
👉 What is her equity?
1. John has these:
- Cash: ₱200
- Toys worth: ₱100
- Owes his brother: ₱120
👉 What is his total assets?
👉 What is his equity?

2. Anna saved ₱300. She borrowed ₱50 to buy a book.
👉 What are her assets?
👉 What are her liabilities?
👉 What is her equity?

3. Equity (What’s Left for You)

Equity is what you really own after paying what you owe.

👉 Assets – Liabilities = Equity