Not only do people sometimes forget what they own, they also forget what they owe. It is vitally important that you know exactly what you owe and to whom. This is what your accountant refers to as liabilities.
CMK has found that it is easier to focus on the business debt first, as people generally have a record of this. Start with the big numbers, which in the majority of cases will be owed to the bank! If you don’t know the exact figure, just ask your bank manager or personal business banker. You also need to list money owed on any hire purchase (HP) item such as a car, computer equipment or office equipment.  
You now need to include your personal debts. You should include the mortgage on your home, along with any personal loans you may have. The things most frequently missed from this list are the credit cards and store cards, which often have big limits, whether or not you ever reach them. It is the upper limit that you need to list, not the balance of your credit card. This reflects your total liability.

 Liabilities  
   
Term loans   $2,000,000.00  
   
Over draft     $   100,000.00  
   
Credit cards  $    20,000.00  
   
HP                $    50,000.00  
   
   
Total            $2,170,000.00