Outstanding Income & Advance income - Will it be shown in
P&L..? In b/s which side, it will be shown..?
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Answer Posted / arooj
outstanding income means accrued income that is the income
which have not been received yet even though the event been
incurred so it is our accounts receivable and so
asset
advance income is the income received in advance n event
not incuurred as yet so till we dont provide services for
which we have received income its our liability
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