Interested to Buy Any Domain ? << Click Here >> for more details...
Outstanding Income & Advance income - Will it be shown in
P&L..? In b/s which side, it will be shown..?
- 11 Answers
- 39264 Views
- I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
First of all there is no terminology as Outstanding Income.
It's Accrued income, meaning, income relation to a financial
period but not yet received as on the date of Balance Sheet.
It's shown on the Asset side (Application of Funds in
Vertical Format) of the Balance Sheet.
Advance Income refers to money received in advance in a
financial year which relates to a future period. This is
shown on the Liability of the Balance Sheet (Included in
Current Liabilities & deducted from Current Assets in
Vertical Format.
In case of Accrued income should be taken in to Profit &
Loss A/c of the year to which it relates. Advance Income
should be shown in the Profit & Loss A/c of a future
financial period, to which it relates.
| Is This Answer Correct ? | 11 Yes | 3 No |
Post New Answer View All Answers
How to group the companies in tally?
What is accounting ethics?
What Is Responsibility Accounting?
when an amountis declared as NPA by a bank whether any interest can be debited to that account after the date it is declared as NPA ? What are the guidelines of Reserve Bank of India in this respect ?
what is the meaning of written-off as goodwill written-off
what is the right process for input credit of Service tax. and on which service i can take credit.
which type of questions did HR Manager ask and what are the answers
Compare financial accounting and cost accounting.
a person have to buy 2kg items out of 4 differnt price tag item i.e potatoo rs. 10 kg, onion rs. 5 kg , radish rs. 1 kg, and chilli rs. 1 kg in rs 10 how can he do
What are premises in accounting sense? What is vat adjustment?
WHAT IS OPERATING CYCLE?
What are trade bills?
I purchase a material with vat@4% and want to sale it to a bihar cliet.what will be charged as cst.Narrate me as brakewise.It is very urgent to mine.
if co. (proprietorship). purchase mobile phone for employees than mobile phones under off. equipment .we have rec. purchase bill gst applicable how shows entry
Unrealised profit will be debited to ?
