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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 / rakeshking
p/l a/c
advance income credit side
b/s
advance income liability side
outstanding income asset side
| Is This Answer Correct ? | 16 Yes | 9 No |
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ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
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