Define Current Liabilities What heads should be included in-00102

Current Liabilities

Current Liabilities are all those liabilities that are expected to be paid or will become due for payment within 12 months from the balance sheet date. Current Liabilities may include any or all of the following heads: Trade and other payables, Interest, profit, return or mark-up accrued on loans and other payables Short term borrowings Current portion of long term borrowings Current portion of long term murabaha Provision for taxation