TaxTMI 
TaxTMI 
Can I show advance loan on assets side dummy. I want to create my file of good amt. As I have cash. Presently I am a student. Or suggest what can I show.
First time balance sheet preparation
08 Jun 2018 
1 Reply 
1523 Views Asked by
First-time balance sheet preparation: showing an advance loan as an asset questioned, advisor found the query unclear and gave no guidance.
Whether an individual may record an advance loan on the assets side of a first-time balance sheet to reflect available cash is raised; the only advisory reply states the query is unclear and provides no substantive guidance on accounting classification, disclosure, or tax implications. (AI Summary)
Whether an individual may record an advance loan on the assets side of a first-time balance sheet to reflect available cash is raised; the only advisory reply states the query is unclear and provides no substantive guidance on accounting classification, disclosure, or tax implications. (AI Summary)
