Received Advance from customer & paid Advance to supplier

This query is : Resolved

Vaneet Monga (Querist)
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28 March 2023 Dear Sir,

received Advance from Customer is Other long-term liabilities OR Other current liabilities and Advance to Supplier is Other non-current assets OR Other current assets

Please suggest

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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20 August 2023 Advance from customer - Current Liability (Or it can be shows as reduction in AR)
Advance to Supplier - Current Assets (Or it can be shown as reduction in AP)

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