This discussion clarifies the accounting treatment for advances. It addresses whether advances received from debtors should be classified as 'Other current assets' or 'Other non-current assets'. It also seeks to determine if advances paid to suppliers fall under 'Other current liabilities' or 'Other non-current liabilities'.
Please tell us Received advance from Debtors is Other non-current assets OR Other current assets and Paid advance to Supplier is Other current liabilities Or Other Non long-term liabilities