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Outstanding Income & Advance income - Will it be shown in
P&L..? In b/s which side, it will be shown..?
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Answer Posted / suman.g
In p&l A/c only "Outstanding Income" will be effected. i.e credited to P&L A/c.
Advance income will not be shown since it is relevant to the future period.
In Balance Sheet
Outstanding income will be shown as an Asset
Advance Income will be shown as a liability.
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