What are current liabilities and provisions?

What are current liabilities and provisions?

Current Liability includes loans, deposits and bank overdraft which fall due for payment in a relatively short time, normally not more than 12 months.

Following are the current liabilities:

o Acceptance
o Sundry Creditors
o Subsidiary Companies
o Advance received and unexpired discount
o Unclaimed dividend
o Other liabilities
o Interest accrued but not due on loans

Provisions for

o Taxation
o Doubtful Debts
o Dividend
o Contingencies
o Provident Funds Scheme
o Insurance, pension
o Other provisions
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