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Advance to employees
Can a Housing Finance company give advance to its for coming employees?
if So how to treat the same??
Replies (3)
Advance to employees ..Dr
To Bank
(Being Advance granted to employees)
In Balance Sheet, it will come under the main head 'Current Assets'
&
Bank will be reduced under Cash&Cash Equivalents
Advance given to people who are not employees (as you have mentioned they are not joined) shall be treated as unsecured loan under loans and advances (asset)
Thank u Ajit Hegde & Shiny.
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