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What is unearned incomes?

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What is unearned incomes?

Posted by Mahi Gupta 6 years, 9 months ago

CBSE > Class 11 > Accountancy

2 answers

Seema Agrawal 6 years, 8 months ago

Unearned income means income received which is not earned.. That means you had received income for which work have to be done and thereby it creates the liability. You can also say advance received..

In balance sheet you have to show it in liability side as it creates the liability.

Gayatri Nanda 6 years, 8 months ago

Income received before a good is sold or a service is provided. Unearned income is classified as a current liability on the balance sheet until it is recognized as earned income during the accounting cycle.

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CBSE > Class 11 > Accountancy

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