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Difference between advanace and asset

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(Querist)
04 February 2009 Could you explain the difference between advanace recoverable in cash or kind and current assets as per schedule VI of companies act.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
04 February 2009 Current assets means it is recoverable in cash.

Advance recoverable in cash or kind means eg. You have given advance for computer and if you cancell you will receive back cash otherwise you will receive computer.
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