What is the difference between Loan and Advance?
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Answer Posted / devaraj
LOAN :The loan can be given to any one with proper
approval with a nomial interest rate and it is receovered
in easy instalments it is liability in balance sheet
Advances: Advance is given to a known interal person of a
company to meet his offical expenses incurred by him,
ex.travel expenses,purchase of stationery, etc.it is
liability in balance sheet
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