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Accounting Treatment

This query is : Open 
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(Querist)
21 September 2009 Sir/Madam

Under what head the following has to be shown, Current Assets or Loans & Advances

1. TDS/Advance Tax

2. Retention Amount/With-held Amount

3. Deposits like Telephone Deposit, E.B. Deposit,etc

And also whether these items will be considered for calculating "Current Ratio"?
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CA Binal Shah

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CA Binal Shah (Expert)
21 September 2009 Hi,

1. TDS/Advance Tax :- Loans and advances under the head adv with govt authorities
2. Retention amt. :- I cant understand this,plz explain the exact nature
3. Deposits :- Under the head loan and adv- as deposits

Item - 1 & 3 wil not be considered while calculating Current ratio
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Govarthan. P

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Govarthan. P (Querist)
21 September 2009 In case of contracts, a percentage of amount, say 5% of Contract value, will be with-held/deducted and paid after some period of time, say 6 mnths r 1 yr.
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Govarthan. P

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Govarthan. P (Querist)
21 September 2009 sir, But i ve seen some banks take TDS n Deposits for calculating Current ratio while giving OD/OCC?
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