Difference between Loan(liability) & Loans advance (Asset)

I want to know If i take loan or give loan  from company it is used which head in tally loans & advance(Asset) or Loans(Liability) or Secured Loan.

Kindly answer briefly

Can bank loans be current liability? Kindly explain and cite some examples. 

Bank  loan  - Long term  Borrowings  will be  under  Non -Current  liability   

Bank  loan - Short  term  Borrowings  will be  under  Current  liability . 

As per Schedule  III  companies act  2013  Balance sheet .   

When the loan is shown on the liability side, it means the company has taken a loan from a bank that they have to pay off. Whereas when the loan is on the asset side of the balance sheet it means that the company has given a loan to either an employer or its subsidiary and will be earned back. 

Hope this helps.

loan (Liability) simply means money taken which is to be paid off in future while Loan Advance means money lended to someone.

If you are the borrower and have taken a loan from a company, it should be recorded as a liability under the head "Loans" in Tally.

If you are the lender and have given a loan to a company, it should be recorded as an asset under the head "Loans and Advances (Asset)" in Tally.

For a secured loan, where the loan is backed by collateral, it is still recorded as a liability under the head "Loans" in Tally. However, the security provided for the loan should be recorded as an asset under the head "Secured Loans (Asset)".

A loan or liability is recorded on the balance sheet as a liability because it represents an obligation to repay the borrowed amount in the future, along with any interest or fees that may be charged. Examples of liabilities can include bank loans, credit card debt, or mortgages.

On the other hand, a loan advance or asset is recorded on the balance sheet as an asset because it represents the amount of money that an entity has lent to another entity and expects to be repaid in the future. Examples of assets can include loans made to customers, business partners, or employees.