11 August 2011
AS-3 APPLICABLE TO PVT COMPANY?AS PER ONE CONDITION OF LEVEL-1 ENTERPRISES All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs. 10 crore at any time during the accounting period.
PVT LTD CO HAVE BORROWED UNSECURED LOAN FROM DIRECTOR MORE THAN ABOVE LIMIT.THIS CASE FALLS UNDER THE ABOVE CONDITION.
12 August 2011
Yes. Borrowings- including public borrowings, indicate that these are to be considered in total, and no further segregation is required in case of borrowings from directors. AS3 will be applicable.