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  1. This answer was edited.

    Working capital = Current Assets - Current Liabilities I believe if you want to understand how the above formula works you will need to understand each part of this formula i.e you will first need to have a clear understanding about the concept of current assets and current liabilities. Current asseRead more

    Working capital = Current Assets – Current Liabilities

    I believe if you want to understand how the above formula works you will need to understand each part of this formula i.e you will first need to have a clear understanding about the concept of current assets and current liabilities.

    Current assets

    It refers to all the assets including cash and cash equivalents which are expected to be converted within a year or within the operating cycle of an entity if such entity has an operating cycle longer than a year.

    Current liabilities

    It refers to all the payables or debts which an entity expects to discharge within a year or the operating cycle of such entity provided such an entity has an operating cycle longer than a year.

    I understand that even though you got a rough idea of this concept you may not be confident while applying this concept hence, to relate to this concept a numerical example would be of great help.

    So, I believe once you have a look at the below-mentioned example you will be in a better position to comfortably apply this formula:

    Working Capital Position in Balance sheet

    Here, Working Capital = Current Assets – Current Liabilities

    = Cash in Hand + Cash at Bank + Trade Receivables + Prepaid Rent –Trade Payables  –                  Outstanding Salaries

    = 5,000 + 56,000 + 64,000 + 3,000 – 20,000 – 20,000

    = 128,000 – 40,000

    = 88,000.

    It will add more value to your understanding if you also interpret the concept of Gross Working Capital and Net Working Capital.

    Gross Working Capital

    Gross working capital is a sum total of current assets of an entity. It includes

    • Cash and Cash Equivalents
    • Trade Receivables
    • Inventory
    • Short term Investments
    • Other Marketable Securities.

     

    Net Working Capital

    Now, the net working capital of an entity is nothing but the working capital of an entity. In simple terms, it is a difference between current assets and current liabilities of an entity.


    Aastha Mehta

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  1. This answer was edited.

    Accounts receivable as an asset I think before getting onto this question you should have a clear idea about what does an account receivable mean. An account receivable refers to an amount due to be received by the company for the sale of goods or services rendered. It's the value of goods that theRead more

    Accounts receivable as an asset

    I think before getting onto this question you should have a clear idea about what does an account receivable mean.

    An account receivable refers to an amount due to be received by the company for the sale of goods or services rendered. It’s the value of goods that the customer has not yet paid even though he has received the title of goods or enjoyed services.

    In simple words, any sum of money owed by a person for purchase made on a credit basis refers to an account receivable.

    For Example,

    Uber Inc. purchases 2000 units of smartphones from Apple Inc. for gifting them to its employees it purchases it on a 45 days credit and the amount remains due on a reporting date hence such an amount due becomes an account receivable for Apple Inc.

    Moving ahead, the answer to your question is that ” account receivable is an asset”.

    Why is it an asset?

    As explained earlier accounts receivable is the money owed by the client to the company. Hence, it can be said that the company has a right to receive the money since it has already delivered a product or rendered service. Because of this, the customer must pay to the company within a specific time frame.

    And so it’s an Asset since it ensures the future economic benefit for the company.

    The accounting treatment of such a transaction at the time of making a credit sale:

    Accounts Receivable a/c Debit Increase in Asset
    To Sales a/c Credit Increase in Revenue

    And at the time of actual receipt of cash :

    Cash A/c Debit Increase in Asset
    To Accounts Receivable A/c Credit Decrease in Asset

    It shall be presented in the balance sheet under the head of the current asset if the amount is receivable within a year and beyond that, it’s recorded under the head of non-current assets
    In case you are unable to understand the position of such item in a balance sheet the below example would be of great help

    Presentation of Account receivable in an extract of balancesheet

    Why is it not a revenue?

    Revenue is the income generated by an entity. A major part of such revenue comes from sales or if an entity renders services from such services. It covers only that part of it pertaining to the current reporting period.

    Whereas the balance in the accounts receivable includes the unpaid dues from the customers for the current reporting period and earlier reporting period.

    Thus it can be said that the accounts receivable balance > amount reported in an income statement.

    Because of the reasons stated above, it can safely be concluded that accounts receivable is an asset.

    If the bad debts exist the company will have to reduce such balance from the total of accounts receivable and will have to debit it in its profit and loss statement.

    I have tried to answer it as simply as I can and I hope it helps.


    Aastha Mehta

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  1. This answer was edited.

    Zero Working Capital Before diving into the concept of Zero Working Capital, let me help you understand the meaning of Working Capital. Working Capital is the term used to demonstrate whether the company possesses adequate current assets to discharge off its current liabilities. It is calculated asRead more

    Zero Working Capital

    Before diving into the concept of Zero Working Capital, let me help you understand the meaning of Working Capital.

    Working Capital is the term used to demonstrate whether the company possesses adequate current assets to discharge off its current liabilities. It is calculated as follows:

    Working Capital = Total Current Assets – Total Current Liabilities

    Now, taking this forward let us interpret the theory of Zero Working Capital.

    The Working Capital of a company can be positive or negative, ie. the total current assets may exceed the total current liabilities or vice-versa. However, there can be a situation when the total current assets are equivalent to the total current liabilities of the company. Such a situation is referred to as Zero Working Capital. Zero Working Capital is when,

    Total Current Assets = Total Current Liabilities, or

    Total Current Assets – Total Current Liabilities = Zero

    Example

    Zero Working Capital

    Using the data given in the balance sheet above, let us calculate the zero working capital.

    1. Total Current Assets = Cash in hand/bank + Sundry Debtors + Bills Receivable + Inventory
    = 15,000 + 1,80,000 + 1,00,000 + 55,000
    = 3,50,000

    2. Total Current Liabilities = Sundry Creditors + Bills Payable + Outstanding Expenses
    = 1,95,000 + 85,000 + 70,000
    = 3,50,000

    As there is no excess of Total Current Assets over the Total Current Liabilities, this situation is referred to as Zero Working Capital.

    Benefits and Approach of Zero Working Capital

    Zero Working Capital is one of the latest techniques in working capital management. Let us now understand the benefits and approach of zero working capital in real-life scenario.

    1. Reduction in the level of investments in working capital

    Zero Working Capital is a strategy to reduce the level of investment in the working capital and thereby increase the investments in the long term assets. Following this strategy, companies avoid excess investments in current assets and prefer paying off their current liabilities using the existing current assets only.

    2. Savings in Opportunity Cost of Funds

    Working Capital earns a very low rate of return as compared to long term investments. Also, maintaining zero working capital will help save the opportunity cost of funds as the company can now use the excess funds to exploit various other opportunities.  So, owing to its benefits, the management would certainly prefer zero working capital.

    3. Just-in-Time Methodology

    Zero Working Capital approach will be possible only if the Just-in-Time methodology is adopted by the company. Following the demand-based production and distribution system is advised. Very low or zero inventory is emphasized. Everything should be produced and supplied as and when the demand for the same arises.

    To keep in pace with the Just-in-Time practice, the receivable and payable terms should also be modified. Payable time granted by the supplier should be extended and the credit terms granted to the debtors should be cutback. This will ensure that you have the cash required to fund the supplier’s payment.

    Conclusion

    Zero Working Capital eventually helps in better management of the current assets and current liabilities but still considered to be a difficult scenario to be implemented in practical business life.

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  1. This answer was edited.

    The simple meaning of capital, as known by many, is the sum of money invested in the business by the owner/shareholder/partners. It can be in the form of cash or assets. From the accounting perspective, capital is generally of three types, equity capital, debt capital, and working capital. Capital aRead more

    The simple meaning of capital, as known by many, is the sum of money invested in the business by the owner/shareholder/partners. It can be in the form of cash or assets. From the accounting perspective, capital is generally of three types, equity capital, debt capital, and working capital.

    Capital as a Liability

    A very common question that strikes us is that even though capital is invested by the owner in the form of cash or assets, why is it recorded on the liabilities side of the balance sheet? From the accounting perspective, Capital is a liability because the business is obliged to repay its owner.

    To make the point clear, I would like to introduce you to the two different accounting perspectives of the same.

    Internal Liability

    Firstly, in the case of equity capital, it refers to ownership and represents the owner’s fund. The company is obliged to repay the owners as it is an internal liability and interest on capital is also paid during the operations of a company. A company is considered as a separate legal entity from its owner. The proprietor/shareholder/partners have invested the amount with an aim and expectation of profits in return.

    However, the owners are repaid only if any amount is left after paying off all the obligations during the winding up of the company. It is not a mandatory liability like in the case of debt capital. It can also be represented as follows:

    Assets = Liabilities + Capital

    I have used the accounting equation to show the shareholder’s equity/capital as a difference and balancing figure between the company’s liabilities and assets. Since the capital invested is used to pay off all the debts, it has a credit balance and is recorded on the liabilities side of the balance sheet.

    External Liability

    Secondly, let us assume that company A has borrowed a certain sum of money from the company B, and holds onto the amount invested for realizing feasible profits in the future. The company is obliged to repay, irrespective of profits or loss.

    In simple words, I can conclude that capital is a liability.

    Capital as shown in the balance sheet

    Balance Sheet as at 31st March,yyyy

    Liabilities Amount  Assets Amount
    Capital 2,40,000 Cash in hand 70,000
    (+) Net Profit 70,000 Accounts receivables 50,000
    (-) Drawings (30,000) Patents 10,000
    (-)Interest on capital (20,000) Equipment 45,000
    Retained Earnings 10,000 Building 90,000
    Sundry Creditors 40,000 Prepaid Expense 35,000
    Outstanding Rent/Salary 5,000 Goodwill 20,000
    General Reserve 10,000 Investments 60,000
    Loan taken from Bank 55,000 Accrued Income 10,000
    3,80,000 3,80,000

    Hope this helps.

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  1. This answer was edited.

    Purchase Order Introduction Purchase Order is a commercial document issued by a buyer to the seller specifying the quantity, price, description, quality of goods required, and the payment terms, etc. It is the first step and a very integral part of an organization’s procurement process. Purchase OrdRead more

    Purchase Order

    Introduction

    Purchase Order is a commercial document issued by a buyer to the seller specifying the quantity, price, description, quality of goods required, and the payment terms, etc. It is the first step and a very integral part of an organization’s procurement process. Purchase Order precedes the Purchase Invoice.

    Now, the question arises whether a purchase order is legally binding, and once issued can it be cancelled by any of the parties to a transaction.

    So, let me help you address the first question-Whether a purchase order is legally binding or not?

    Purchase Order – Legally binding or not?

    The issue of a purchase order by the buyer does not itself result in a legally binding contract. A legally binding contract gets executed between the parties to a transaction only on the acceptance of the purchase order by the seller. It provides legal protection to the buyer and seller both.

    1. From the buyer’s perspective-

    So, let me help you understand how does a purchase order legally protects the buyer.

    On the acceptance of the purchase order, the vendor or supplier is obligated to deliver the requested goods as stated in the order. He is also compelled to consider the other conditions in the order specifying the description, type, and quality of goods.

    Example-
    Let’s say you order 10 computers for your company from a well-known vendor, paid for the same, but on the delivery date you end up receiving only 8 computers.

    In this case, if you have an acknowledged purchase order with you, you will certainly be able to prove that you received less quantity than what you paid for. The purchase order will serve as an on-record legal document for your purchase.

    Had you not possessed an acknowledged purchase order, you would have certainly landed up in big trouble.

    2. From the seller’s perspective-

    Purchase Order can be used as a legal document in the court of law by a seller to sue the buyer in case he refuses to pay the agreed amount for the goods supplied. This is possible only because of the legally binding contract status of the purchase order.

    3. Trade Finance-

    Banks and financial institutions facilitate domestic and international trade transactions and provide financial assistance based on purchase orders issued.

    Example-
    To produce the goods as requested by the buyer, the supplier can approach a bank for funds based on the acknowledged purchase order.

    In case the supplier does not provide credit terms for payment to the buyer and the buyer does not possess the requisite funds for payment. Then in such a situation, banks or financial institutions accept the purchase order as a legal document for providing financial assistance to the buyer.

    Now, let me help you understand the next question asked-Can Purchase Order be cancelled?

    Cancellation of a Purchase Order

    To help you understand, whether the cancellation of a purchase order is possible or not, we must consider various situations related to the acceptance and cancellation of the purchase order-

    • Situation 1-


    Can a purchase order be cancelled before its acceptance?

    –The question to this scenario is yes. As the purchase order has not been accepted by the seller, it can be easily cancelled by the buyer, because it has not yet attained a legally binding status.

    • Situation 2-


    Can the buyer cancel a purchase order after the goods have been delivered to him by the supplier?

    –In this scenario, goods have been dispatched and delivered ie. the purchase order has already been acknowledged by the vendor. In such a case, the vendor might not accept a cancellation request as desired by the buyer. Or the vendor may accept your request but may charge some fees for the same.

    • Situation 3-


    Can the purchase order be cancelled by the supplier or the buyer after it is acknowledged as a legal binding contract?

    –The purchase order gets a legal binding status only after its acknowledgement by the seller. So, in this case, we will have to consider the terms and conditions laid out in the order.

    If purchase order allows cancellation without fulfillment of any additional terms and conditions, and both the parties mutually decide to terminate the order. Then in such a case, no party shall be liable to sue or be sued in the court of law.

    But, if the purchase order does not allow cancellation after its acceptance, it becomes legally binding on the parties to fulfill the requirements stated in the order. If one party does not obey the terms detailed in the order, the other party certainly has the right to sue. The order will be considered to be an on-record legal document if such a situation arises.

    Conclusion-

    As discussed with examples, it is evident that-

    1. A purchase order is legally binding.
    2. It can be cancelled considering the terms and conditions listed in the order.
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  1. This answer was edited.

    Meaning of Net Current Assets In simple terms, Net Current Assets refers to the total amount of current assets excluding the total amount of current liabilities in a business. It can also be referred to as Net Working Capital. The Net Current Assets can have a positive or a negative value, wherein tRead more

    Meaning of Net Current Assets

    In simple terms, Net Current Assets refers to the total amount of current assets excluding the total amount of current liabilities in a business. It can also be referred to as Net Working Capital.

    The Net Current Assets can have a positive or a negative value, wherein the two are an indicator of the well-being of a business. In case the current assets are greater than the current liabilities, the company possesses sufficient assets to pay off its indebtedness and is operating efficiently. However, a company is said to be facing financial difficulty and is not in a position to pay off its debts, when the value of net current assets is negative.

    The formula is as follows:

    Formula

    Difference between Net Current Assets and Current Assets

    Net Current Assets refers to the difference between the total amount of current assets and the total amount of current liabilities whereas Current Assets are a subpart of Net Current Assets and refer to those assets that are expected to be utilized, depreciated or traded through the operations of a business within the same financial year.

    For example, cash and cash equivalents, inventory, accounts receivable, etc are Current Assets whereas the summation of the same minus the total of current liabilities is termed as Net Current Assets which is further explained through an example given below.

    Numerical Example

    Calculate the Net Current Assets of ABC Ltd.

    (Extract of Balance Sheet)

    PARTICULARS AMOUNT
    CURRENT ASSETS
    Cash and Cash Equivalents 2,00,000
    Accounts Receivables 40,000
    Stock Inventory 15,000
    Marketable Securities 35,000
    Prepaid Expenses 6,000
    TOTAL CURRENT ASSETS 2,96,000
    CURRENT LIABILITIES
    Accounts Payable 15,000
    Accrued Expense 2,000
    Unearned Revenue 20,000
    Taxes Payable 40,000
    Short-term Debt 10,000
    Interest Payable 6,000
    TOTAL CURRENT LIABILITIES 93,000

    Solution:

    Total current assets = 2,96,000

    Total current liabilities= 93,000

    Net Current Assets = Total Current Assets – Total Current Liabilities

    = 2,96,000- 93,000  = 2,03,000

    Key Takeaways

    • Net Current Assets are also known as Net Working Capital.
    • Net Current Assets is the difference between the total current assets and total current liabilities.
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  1. This answer was edited.

    Trial Balance Are you facing difficulty in understanding the crux of the trial balance? I would like to help you by providing the meaning followed by items to be included on either side of the trial balance. Meaning The term trial balance refers to as the total of all the general ledger balances. ItRead more

    Trial Balance

    Are you facing difficulty in understanding the crux of the trial balance? I would like to help you by providing the meaning followed by items to be included on either side of the trial balance.

    Meaning

    The term trial balance refers to as the total of all the general ledger balances. It is a statement prepared at a certain period to check the arithmetic accuracy of the accounts (i.e., whether they are mathematically correct and balanced). It contains a list of all the general ledger accounts.

    Trading account, Profit and Loss account and Balance Sheet are prepared according to the ledger balances as posted in the trial balance.

    Now its time to learn about the various items which are placed on either side of the trial balance.

    Items that appear on the debit side of trial balance

    Generally, assets and expenses have a positive balance so they are placed on the debit side of trial balance. An asset and expense increases when it is debited and visa versa

    Exclusive List of Items

    1. Land and Buildings
    2. Plant and Machinery
    3. Furniture and Fixtures
    4. Office Tools and Equipment
    5. Cash at Bank
    6. Cash in Hand
    7. Motor Van
    8. Loss from the sale of fixed assets
    9. Travelling charges
    10. Printing and postage expenses
    11. Legal expenses
    12. Selling and distribution expenses
    13. Sundry debtors
    14. Bills receivables
    15. Commission paid
    16. Rent paid
    17. Interest paid
    18. Discount allowed
    19. Opening stock
    20. Purchases
    21. Prepaid expenses
    22. Advertisement expenses
    23. Bad Debts
    24. Wages and salaries
    25. Bank charges

    Items that appear on the credit side of trial balance

    Generally capital, revenue and liabilities have credit balance so they are placed on the credit side of trial balance. The capital, revenue and liability increases when it is credited and visa versa.

    Exclusive List of Items

    1. Sundry Creditors
    2. Bank Overdraft/Loan
    3. Bills Payables
    4. Sales (Revenue)
    5. Purchase Returns
    6. Common stock
    7. Un-earned revenues
    8. Retained earnings
    9. Rent Received
    10. Interest Received
    11. Discount from Creditors
    12. Discount on Purchases
    13. Dividend Received
    14. Interest on Drawings
    15. Bad Debts recovered
    16. Provision on Bad Debts (Cr.)
    17. Apprentice premium
    18. Miscellaneous/Sundry income
    19. Commission received
    20. Bank interest received
    21. Compensation received
    22. Outstanding income
    23. Income from investments
    24. Bonds payable
    25. Other incomes

     

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  1. This answer was edited.

    Bad Debts In layman's language, Bad Debt is an expense incurred by a business, which is not repaid by the debtor, in the due course of time for reasons such as fraud, insolvency of the debtor, etc. We can also refer to it as Uncollectible Accounts Expense and Irrecoverable Debts. Meaning of LiabilitRead more

    Bad Debts

    In layman’s language, Bad Debt is an expense incurred by a business, which is not repaid by the debtor, in the due course of time for reasons such as fraud, insolvency of the debtor, etc. We can also refer to it as Uncollectible Accounts Expense and Irrecoverable Debts.

    Meaning of Liability

    Liabilities refer to the financial obligations of a business. In simple words, it is a sum of money owed by a debtor to a creditor under an agreement and repayable on a specified period. For example, Bank Loans, Accounts Payable, Bank Overdrafts, etc.

    Bad debts are an expense or a liability?

    Bad Debts are an expense to the business and not a liability as the amount that was expected to be received from the debtor is irrecoverable and has a negative effect in the books of accounts by way of reduction from the accounts receivable.

    It is recorded on the asset side of the balance sheet however, it is entered in the balance sheet as a contra asset account i.e. as a reduction from the accounts receivable. It is also recorded under operating expenses in the Income Statement as well as in the profit and loss a/c on the debit side.

    Therefore, we can easily conclude now that bad debts are an expense and not a liability.

    This concept is further explained with an example stated below.

    Example

    XYZ Ltd sells machinery to ABC Ltd. for 10,000 at 60 days credit. However, ABC Ltd is declared bankrupt and therefore can no longer pay the specified amount. This amount of 10,000 is an expense for XYZ Ltd and leads to a fall in the accounts receivables. Hence, it is not a liability for the company but an expense.

    Bad debts as shown in the Income statement

    (Extract of Income statement)

    Income statement

    Hope this helps.

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  1. This answer was edited.

    Yes, inventory is a current asset. Before moving to the main part of the question. I would like to familiarise you with few terms such as the meaning of inventory and current asset. I hope this answer will clear all your doubts related to this concept. Meaning of Inventory In simple terms, InventoryRead more

    Yes, inventory is a current asset. Before moving to the main part of the question. I would like to familiarise you with few terms such as the meaning of inventory and current asset. I hope this answer will clear all your doubts related to this concept.

    Meaning of Inventory

    In simple terms, Inventory (stock) is a tangible asset which refers to the stock of goods that is either available for sale in the form of finished products or raw material used in the production of goods meant for sale in some future period held by an enterprise.

    For example – A furniture dealer purchases wood, fibreglass, moulded plastic, wrought iron etc., for 1,00,000 from Amazon for manufacturing wooden chairs, sofa sets, dining tables, beds etc., then wood, fibreglass, moulded plastic, wrought iron would be considered as inventory.

    Meaning of Current Asset

    Current asset refers to all the assets of an organization which are expected to be used, consumed or easily sold through business operations within one accounting period (within a year). In simple terms, currents assets represent all the assets which can be encashed with one accounting period. Current assets are also known as short-term assets.

    For example – ABC and Co. purchases office tools and furniture from E bay on credit for 30 days then it will be considered as a bill receivable in the books of E bay. Hence bills receivable is treated as a current asset.

    Moving to the main part of the question

    Inventory as a current asset

    Inventory is treated as a current asset because the organization intends to sell them within one accounting period or 12 months from the date it is recorded in the balance sheet. All the current assets including inventory have high liquidity and convertibility.

    Inventory is a primary source of revenue, especially for wholesale and retail businesses. More than 50% of the working capital revenue is generated from inventory within a year. Therefore, it is recorded under the head – Current Asset.

    In terms of liquidity and convertibility inventory is placed somewhere in the middle of the scale of current assets. It is highly liquid as compared to the non-current asset (say land & building, plant & machinery).

    Placement in the Balance Sheet

    Inventory - Current Asset

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    Firstly, Nancy, the question put up by you is a bit vague. As in it is difficult to identify whether you have an issue in understanding an accounting concept regarding a loan given or loan taken. Moving ahead, I think I can answer the question stated below in two ways Is Loan a Current Asset? Case 1Read more

    Firstly, Nancy, the question put up by you is a bit vague. As in it is difficult to identify whether you have an issue in understanding an accounting concept regarding a loan given or loan taken.

    Moving ahead, I think I can answer the question stated below in two ways

    Is Loan a Current Asset?

    Case 1: If a Loan is Given

    Firstly you have to be clear whether the loan is a Loan granted or a Debt. When an entity lends a certain amount to another person based on certain conditions agreed by the parties at the time of entering into such contract. Then such a lender will recognise this transaction as a case of Loan Given.

    Case 2: If a Loan is Taken

    When an entity or a person owes a certain amount to another person or an entity or simply put up he has borrowed a certain sum from such another person based on certain conditions agreed at the time of entering into the contract such a transaction is a case of Loan Taken for the borrower.

    To classify such loan as a Current Asset or a Current Liability, you will need to first identify the tenure of such loan given or taken i.e whether it’s a Short term Loan or a Long term Loan.

    If you want to make an accurate classification pertaining to the head under which such loan would be presented it is very important to ascertain whether its a short term or a long term loan.

    Short term Loan

    It refers to a loan taken or given for a short duration of time roughly ranging between a month and a year these are generally repaid in monthly instalments. Such Short term Loans can be classified under the heads of Current Assets or Liabilities. If you are still unable to get the concept clear the below-mentioned table can be of great help –

    Particulars Classification
    Short term Loan Taken Current Liability
    Short term Loan  Given Current Asset

    Long term Loan

    A loan Taken or Given shall be said to be a Long term Debt or Long term Loan Given if such a loan is not due to be repaid or received within a year. It can be classified as a Non-Current Asset or a Liability.

    Similarly, refer to the table below for a better understanding of this concept

    Particulars Classification
    Long  term Loan Taken Non-Current Liability
    Long  term Loan  Given Non-Current Asset

    I am sure that after having a look at the image included below you will have a clear understanding of this concept-

    Classification of loan in a balance sheet


    Aastha Mehta

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