Current Liabilities & Provisions (Short – term liabilities)
These are the Outsiders liabilities which are payable within a period of 12 Months
Examples : Bank overdraft
Cash Credit
Sundry Creditors
Bills Payable
O/s Expenses
Pre-received Incomes
Advance from customers
Securities deposits received
Provision for Tax
Proposed Dividend / Interim Dividend
Unpaid /Unclaimed Dividend
Classification Of Current Liabilities & Provisions
The current liability can further be classified as Quick liabilities & Non Quick Liabilities
Quick Liability
Quick Liability are those current liability which are to be payable quickly in very short period. Generally not exceeding 6 Months. These are those Current liability whose payment generally, can’t pro longed beyond pre determined due date.
Unless otherwise given
Current Liability are assumed to be quick liabilities except.
1) Bank Overdraft.
2) Pre – received Income , these are non quick liabilities
These are the Outsiders liabilities which are payable within a period of 12 Months
Examples : Bank overdraft
Cash Credit
Sundry Creditors
Bills Payable
O/s Expenses
Pre-received Incomes
Advance from customers
Securities deposits received
Provision for Tax
Proposed Dividend / Interim Dividend
Unpaid /Unclaimed Dividend
Classification Of Current Liabilities & Provisions
The current liability can further be classified as Quick liabilities & Non Quick Liabilities
Quick Liability
Quick Liability are those current liability which are to be payable quickly in very short period. Generally not exceeding 6 Months. These are those Current liability whose payment generally, can’t pro longed beyond pre determined due date.
Unless otherwise given
Current Liability are assumed to be quick liabilities except.
1) Bank Overdraft.
2) Pre – received Income , these are non quick liabilities