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Is payment in advance a current asset or a liability in the balance sheet in the UK?
Wiki User
∙ 11y ago
Advances from any other person to our firm how will i take - In Liability what is the head
Wiki User
∙ 11y ago
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Is unearned revenue a current liability when advance payment received for construction work?
no
How is debt expressed on a balance sheet?
Debt is shown in liability side of balance sheet as per the payment time duration if within one year then current liability otherwise long term liability.
How to treat Creditor in a balance sheet?
Creditors are the people which gives products on credit to business for payment in future, as it is liability of business so it is shown under current liability at liability side of balance sheet .
If payment on a current liability?
Payment On Current Liability Debit The Current Liability (say Sundry Creditor) (Liability Decreases) Credit Cash Or Bank (Current Asset Decreases)
Does interest payable go on a balance sheet?
Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.
What are prepaid expenses and prepaid revenues how are they reported on the balance sheet?
Prepaid Expenses:These are expenses for which company has paid in advance but the benefits has not yet received that's why it is an asset of company and shown under current assets in balance sheetPrepaid Revenues or unearned revenues:These are revenues for which company has already received the payment from clients but services or products has not yet supplied so it is a liability of company and shown under current liability section of balance sheet.
The payment of a current liability will?
increase working capital
Meaning Advance Payment Tax?
Advance payment of tax means to pay tax along with the earning of his income this tax is paid on the current year income in the same year .In fact, it is paid as advance and it is called advance payment of tax
What is meant by a current account deficit on balance of payment?
it is down
Why are inventories considered in a balance sheet?
Inventories are those items which is usable in future for generating business revenue of which payment is made in advance so these are assets for business and that’s why shown under current asset of balance sheet.
Is prepaid insutance debit or credit?
Prepaid insurance is that amount the payment of which is done in advance but benefit has not yet taken by company so it is same like current asset of business and like all other current assets of business it’s balance is also debit balance.
Transaction that will decrese an asset anf decrease a liability?
Payment to the creditors Creditors Decrease Bank balance decrease
