What is the difference between Loan and Advance?
Answer Posted / k. sailendranath
LOAN OR ADVANCE- BOTH ARE TREATED AS A CREDIT FACILITY. BUT IF THE CREDIT FACILITY IS REPAYABLE IN A SHORT PERIOD SAY WITHIN ONE YEAR IT IS TREATED AS "ADVANCE" AND IF THE CREDIT FACILITY IS REPAYABLE MORE THAN A YEAR IT IS TERMED AS "LOAN"
Is This Answer Correct ? | 25 Yes | 14 No |
Post New Answer View All Answers
WHAT ABOUT YOUR SELF IN ACCOUNTING SYSTEM
Tell me the types of accounts involved in double entry book-keeping?
what is the amount withdrawlfrom other cbs branch by multicity chequ book.
What is ppe in accounting?
What is Normal Loss? and What is the reason for Debiting such Loss in P&L account and also Crediting in Trading Account? and how the Loss should be accounted?
Explain the accounts payable cycle
How to Automate requirment mapping in QC?
Explain what is bad debt expense?
how to get a job in stock markets for MBA-FINANCE?
As an importer of goods through letter of credit, (payment is done through indian bank to foreign back), my question is who is liable to pay with holding tax when the payment is remitted to foreign bank, whether the buyer(importer) or the seller and why?
what are the items falling under the category of reserves and surplus? whether bills of exchange is a reserves and surplus item 2.whther errors of omission will affect the trial balance
Define the term material facts in accounting?
could i know how to accounting lease intrest ?
if any otion in tallyerp9 version about doing Luxury tax work
Tell me what is the general classification of accounts that usually ledger account involve?