How to treate the following example as per Revised schedule VI for the FY 2011-12 :-
Eg:- For the FY 2010-11, Loan from Directors of Rs 1 Lac treated as a Short Term Borrowing as per revised schedule VI. Later on while finalising the balance sheet for the FY 2011-12, the same amount is still outstanding. Now question arises:-
(1) Is there any problem, if we continue to classify the same amount as a Short Term Borrowing in FY 2011-12 also ?
or
(2) For the FY 2011-12, can we classified the same amount as a Long Term Borrowing ?
or
(3) Is it required to change the classification for the FY 2010-11 from short term borrowing to long term borrowing ?
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