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Advance Amount from customer
A businessman has recieved Rs.30,00,000.00 from his customers as Advance amount. Will that amount be considered as Current Liability ?
Replies (2)
yes. advance money from a customer is a current liability
If the contract for which advance is received is expected to be completed within normal operating cycle it is current liability..else if contract for which advance is received is expected to be completed over and above normal operating cycle it is non current liability
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