Surajit Sarkar (MBA) (267 Points)
26 December 2018Difference between Loan(liability) & Loans advance (Asset) in Tally. kindly briefly discuss with Example.
prasad Nilugal
(3914 Points)
Replied 26 December 2018
Surajit Sarkar
(MBA)
(267 Points)
Replied 26 December 2018
Aman Kumar
(Accounts Executive)
(744 Points)
Replied 26 December 2018
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 26 December 2018
Surajit Sarkar
(MBA)
(267 Points)
Replied 26 December 2018
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 26 December 2018
Surajit Sarkar
(MBA)
(267 Points)
Replied 01 March 2019
I want to know If i take loan or give loan from company it is used which head in tally loans & advance(Asset) or Loans(Liability) or Secured Loan.
Kindly answer briefly
shahyar husain
(1240 Points)
Replied 04 November 2020
Can bank loans be current liability? Kindly explain and cite some examples.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 04 November 2020
Bank loan - Long term Borrowings will be under Non -Current liability
Bank loan - Short term Borrowings will be under Current liability .
As per Schedule III companies act 2013 Balance sheet .
Neethi V. Kannanth
(.)
(19020 Points)
Replied 13 January 2021
Yamina
(Senior Analyst)
(36 Points)
Replied 06 February 2021
When the loan is shown on the liability side, it means the company has taken a loan from a bank that they have to pay off. Whereas when the loan is on the asset side of the balance sheet it means that the company has given a loan to either an employer or its subsidiary and will be earned back.
Hope this helps.
Ritik Chopra
(student)
(8128 Points)
Replied 13 February 2021
loan (Liability) simply means money taken which is to be paid off in future while Loan Advance means money lended to someone.
Ayush
(Executive )
(6760 Points)
Replied 08 February 2023
If you are the borrower and have taken a loan from a company, it should be recorded as a liability under the head "Loans" in Tally.
If you are the lender and have given a loan to a company, it should be recorded as an asset under the head "Loans and Advances (Asset)" in Tally.
For a secured loan, where the loan is backed by collateral, it is still recorded as a liability under the head "Loans" in Tally. However, the security provided for the loan should be recorded as an asset under the head "Secured Loans (Asset)".
Kriti
(n/a)
(400 Points)
Replied 31 March 2023
A loan or liability is recorded on the balance sheet as a liability because it represents an obligation to repay the borrowed amount in the future, along with any interest or fees that may be charged. Examples of liabilities can include bank loans, credit card debt, or mortgages.
On the other hand, a loan advance or asset is recorded on the balance sheet as an asset because it represents the amount of money that an entity has lent to another entity and expects to be repaid in the future. Examples of assets can include loans made to customers, business partners, or employees.
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