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58 Points Posted on 08 January 2019
how rent received in advance would be considered as current liability
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On 08 January 2019 at 15:04 Report
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Coaching and Practice in Tax Audit Law
4429 Points Posted on 08 January 2019

because its not accrued income and hence may be payable before its actual due date of payment

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On 08 January 2019 at 15:13
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58 Points Posted on 08 January 2019
didn't got logic behind this
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On 08 January 2019 at 15:24
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"Do the Right Thing...!!!"
128152 Points Posted on 08 January 2019
Because it's not a income as not complete the transaction / rent.
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On 08 January 2019 at 15:39
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a
1273 Points Posted on 08 January 2019
I pay something to you in advance against which service interms of your building space utilization have not been availed yet. So do u own the money yet? You just the money in ur possession but do not own it unless the services of building are availed by tenant. Hence a liability
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On 08 January 2019 at 17:46
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400 Points Posted on 08 January 2019
Suppose, if you have received income in advance it means you have received the money but have either not delivered goods/service which you were supposed to provide. So even though you have received money you are still liable to provide goods/service. Hence that becomes your liability.
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On 08 January 2019 at 23:43


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