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What is the difference between Loan and Advance?
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Answer Posted / lxmi1972
Loan- Is an amount given for a specified period and is
recoverable with a particular interest rate.
Advance- means it is given for a temporary basis to meet out
cause (say)purchases, Travel expenses etc., Interest is not
charged on this advance amount.
Both are Balance sheet items.
| Is This Answer Correct ? | 204 Yes | 76 No |
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