In one of the silly questions of KCSE Accounting paper two, i answered that mortgage (or death pledge in French Law) was a liability though the correct answer according to the examiner was an asset,but i refused to believe that it was an asset,again they didnt specify whether they were talking about the borrower or the holder, i got it wrong.I still believe that it is a huge liability,how can one pay KSh 83,025/month for 20 yeays to buy a three bedroom house of 6 million whose market price is already inflated beyond astronomical level in an insecure city where the next breath is not guaranteed.To build a state of the art three bedroom house ,one roughly needs Ksh 2 million.
Posted on: Wed, 13 Nov 2013 10:55:22 +0000
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