Advance from Cusotmer and Advance to Supplier


This query is : Resolved 

Quick Summary
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'.

29 March 2023 Sir,

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




29 March 2023 1. Other current assets,
2. Other current liabilities.

08 April 2023 Thank you Sir for reply

08 April 2023 You are welcome.


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