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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 / 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 |
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