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Advance taken from directors

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(Querist)
16 March 2016 A company taken advance from Directors which is shown under current liabilities and the same is pending as on 31.03.2015, is same allowed and also company has not paid part salary to director , same is also appearing under liability side of Balance sheet for year 31.03.2015, is the same is allowed
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CS Ankur Srivastava

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CS Ankur Srivastava (Expert)
17 March 2016 The advance from director shall be transferred to deposits and outstanding salary may be kept as liability.
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BUNNY SEHGAL

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BUNNY SEHGAL (Expert)
23 March 2016 advance/loan from director is exempt under rule 2(viii) of "acceptance of deposit rules 2014". it should be transferred under the head borrowings.
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