Bank audit
This query is : Resolved
CA Tanay Jindal
(Querist)
07 April 2016
XYZ Bank charges interest on its Advances on 30.03.20XX and the account classification is done on 31.03.20XX (i.e Classification of NPA) and if account become NPA (i.e sub-standard on 31.03.20XX).
Whether to Reverse the Interest Credited in the account of the NPA (Sub-Standard.) on 31.03.2016.
Whether to Reverse the Interest Credited in the account of the NPA (Sub-Standard.) on 31.03.2016.
CA Darshan
(Expert)
08 April 2016
If classification of account turns from Standard to Sub standard then what ever is the amount of unpaid interest (debited by the banks) needs to reverse as on the date o NPA. if not done then through MOC needs to reverse.
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