Difference between the 2..
This query is : Resolved
Guest
Guest
(Querist)
07 July 2012
Dear Sir/ Ma'am,
Can you please explain the difference between loans & advances in Asset side?
also what does Loans in Liability side refer to? (kindly explain)..
I would b really obliged if you can answer me these questions. Also if you can let me know what book should I purchase if i want to get all these info from? I have forgotten Accounts a bit so need to brush up..
Can you please explain the difference between loans & advances in Asset side?
also what does Loans in Liability side refer to? (kindly explain)..
I would b really obliged if you can answer me these questions. Also if you can let me know what book should I purchase if i want to get all these info from? I have forgotten Accounts a bit so need to brush up..
09 July 2012
1. Loans and advances on the asset means loans/advances GIVEN by the entity to other persons. The entity is entitled to recover the same from these persons, accordingly these are assets
2. Loans on the liability mean loans TAKEN/ACCEPTED/OBTAINED by the entity from other persons.The entity is liable to repay these amounts to the respective persons, accordingly it is a liability for the entity.
2. Loans on the liability mean loans TAKEN/ACCEPTED/OBTAINED by the entity from other persons.The entity is liable to repay these amounts to the respective persons, accordingly it is a liability for the entity.
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