asset or liability...?

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Is GST Refundable a contra asset or a contra liability...?

thanx

GST refundable is refundable from the government to you. It's an asset. GST payable is a liability.

2007-10-09 18:01:39 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋

. If I'm reading your Q right, it's always a future possible Liability.
How could a 'refundable' be an asset?

2007-10-09 17:05:03 · answer #2 · answered by jim bo 6 · 0⤊ 0⤋