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"Loans & advances from related parties " ( below image) . Is it is current liability or non current liability and why ?
Answers (4)
Sahibdeep Singh
It will either be a part of Long-term Borrowings under Non-current liabilities or Short-term borrowings under current-liabilities. You can take either and give a note to the same.
Ok sir it means if particular item is unclear as to long term or short term we can give an assumption and give note of the same..right