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Interest Interest on back loans and other borrowing is generally debited to the account of society..
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Prepaid expenses Just as there are outstanding liabilities on account of expenses, there may also be advance payments or prepaid expenses as they are called..
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Outstanding Expenses All nominal accounts in the impersonal ledger should be examined to see that all expenses and charges pertaining to the period under review have included..
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Classification of current assets Current assets are ordinarily classified under the following main heads for purpose of balance sheet. 1. Interest accrued on investment and loans. 2. Stock in trade in case of trading concerns. 3. Stores and spare part. Loose tools. Semi- finished goods, work in progress And finish goods in case of manufacturing concerns. 4. Cash and bank balance..