Notes receivable is an asset. Receivables are an asset in the fact that it's something another person or company owes you. Depending on how long the "note" is for, will dictate whether or not the Note Receivable is a current asset or long term asset.
If the note is to be paid in full in one year (or less) or one accounting period it is considered a current asset, otherwise it's long term.
Accounts receivable is a current asset, never a current liability.
Entry of bill recievable is: Bill Recievable A/c dr. To debtor
It is recorded as an asset.
no
Notes Receivable are "not" classified as a liability at all, since they are receivable (meaning the company will receive them) they are classified as Long Term Assets. Accounts Receivable (Current Asset) Notes Receivable (Long Term Asset) Accounts "Payable" (Current Liability) Notes "Payable" (Long Term Liability)
Accounts receivable is a current asset, never a current liability.
Entry of bill recievable is: Bill Recievable A/c dr. To debtor
Long term
It is recorded as an asset.
no
Notes Receivable are "not" classified as a liability at all, since they are receivable (meaning the company will receive them) they are classified as Long Term Assets. Accounts Receivable (Current Asset) Notes Receivable (Long Term Asset) Accounts "Payable" (Current Liability) Notes "Payable" (Long Term Liability)
Notes payable is same like accounts payable a liability of business and it is shown under current liability section of balance sheet.
An organization can have a tax recievable when it has paid a larger estimated tax the refund is put into recievable
Notes Payable is a Liability.
Yes.
Average gross accounts recievable is the beginning balance for accounts recievable and the ending balance for A/R divided by two.
Contingent liability is not shown in balance sheet because the actual occurance or amount of liability is unknown until some specific future time or event that's why it is shown as note in notes to financial statement section.