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Balance sheet

rishabh khaitan (articleship) (78 Points)

05 February 2017

I am preparing balnce sheet of my client,my client has taken CC limit of rs 10 lakhs from sbi ,I want to know what to take in liability side of balance sheet ,whrther entire amount of rs 1000000 or cleared balance as shown in statement i.e. Rs.954566.00.

Please help

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8 Replies

Badal Goyal (Owner) (26 Points)
Replied 06 February 2017

Show Rs 954566.00 under secured loan in the liability side

Prashant Sharma (CA) (389 Points)
Replied 06 February 2017

Balance in bank statement should be shown in balance sheet whether it is debit balance or credit balance.

vishal modi (nil) (52 Points)
Replied 06 February 2017

show Rs.954566 under secured loan

manoj (student) (5205 Points)
Replied 06 February 2017

Only amount upto Date in BS Should be shown

vivek kumar jain (service/student) (559 Points)
Replied 06 February 2017

The Current Outstanding amount should be shown.

shishir dubey (CA) (31 Points)
Replied 06 February 2017

First reconcile as Bank Reconcilation and than show the actual payable to bank by your client.. shown under the head secured loan since stock is hypothicated.. CC limit you treat like bank account only diffrence its start with liability..