What is the difference between Loan and Advance?
Answer Posted / lxmi1972
Loan- Is an amount given for a specified period and is
recoverable with a particular interest rate.
Advance- means it is given for a temporary basis to meet out
cause (say)purchases, Travel expenses etc., Interest is not
charged on this advance amount.
Both are Balance sheet items.
Is This Answer Correct ? | 204 Yes | 76 No |
Post New Answer View All Answers
Cash Processing
Define scrap value in accounting?
What are the 4 types of ppe?
The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
What is an ea in accounting?
How do you handle rejection?
goods worth rupees 440 distributes free among the poor?
What is Debit Note and Credit Note? Subsidory Books? Minority Interest? Stock recording in P&L? Outstanding Expenses, Prepaid Expenses and Examples?
Tell me what do we mean by purchase return in accounting?
Tell me about a situation where you showed determination?
What are the basic assumptions in accounting?
Is it mandatory for the employees staff of a School, if so give details
Explain me what makes a successful account manager?
What is vat adjustment?
Please answer me for the followings 1. i taken an office on January @ rent 28000.00 for one year and i paid 14000.00 as first payment balance will be paid on august. in tally how we post this and under which account especially balance 14000.0 under which account. 2.i have taken a loan from mr. A the amount is 100000.00 on January and the interest i need to pay on march 21000.00 the interest which iam going to pay is liability not a expense and it will be a expense in future, how we can post this also in tally and under which account. please somebody guide me who knows regards niyas es