Advance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2013
Dear Sir,
Suppose advance amount received from a customer in the month of March 2013 and for that bill has been issued in the month of April 2013. While preparing balance sheet this advance will come in assets side of balance sheet or in liability side of balance sheet?
Please clarify.
Suppose advance amount received from a customer in the month of March 2013 and for that bill has been issued in the month of April 2013. While preparing balance sheet this advance will come in assets side of balance sheet or in liability side of balance sheet?
Please clarify.
Dintakurthi Tirumala
(Expert)
06 September 2013
You received the advance amount i.e means you received money means you has to pay it later in the form of cash or any other way(materials,goods etc...). Means you are liable to pay means liability.
So it is liability and has to show at liabilities side of the balance sheet under current liabilities in your balance sheet.
OM SAI SRI SAI JAI JAI SAI
So it is liability and has to show at liabilities side of the balance sheet under current liabilities in your balance sheet.
OM SAI SRI SAI JAI JAI SAI
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