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John Moffat.
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Priyanka19
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Hello
When is loan classified as current liability or non current liability please?
John Moffat
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If it is repayable within 12 months of the date of the SOFP then it is a current liability.
If it is more than 12 months from the date then it is a non-current liability.
I suggest that you watch my free lectures because this is all explained in the lectures. They are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
Priyanka19
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