what are the differences between the followings? and how do i compare between them?
Loans and advances to customers, net
Gross balance of loans and advances to customers
Total loans and advances to customers
Thank you.
In a loan, the borrower borrows an amount of money, called the principal, from the lender. Borrower is obligated to pay back to the lender at a later time. The loan is generally provided at a cost, referred to as interest, which is an incentive for the lender to provide the loan. A borrower has to pay the principal, amount borrowed, plus interest. Money can be paid after a certain date, or partial repayments, or in regular instalments.
Funds provided by the bank to an entity for a specific purpose, to be repayable after a short duration is known as Advances.
so whats the difference?
If the above answer is right, it would be advances are short term loans reported seperately. GAAP often requires debt due within 1 year to be reported in its own category
Edit decided to see what Google had
wish OP mentioned GAAP