Year end Accounting entries for Accrued Income and Income received in Advance - Accounts Class XI
Arinjay Jain Academy
2015-07-10
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Accrued Income is an income, which has become due to the business, but has not been received. On the other hand, Income received in Advance is income, which has not become due, but is received, and hence shown as a Liability and reduced from income account (if already credited)
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