buyer's credit Facility

This query is : Resolved

CA. Aryendra (Querist)
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03 August 2010 Dear Friends,

Can anybody guide me what will be presentation of buyer's credit in Balance sheet as per Indian Accounting Standards.

Please advise with reason

Nitin

Nitin (Expert)
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03 August 2010 I believe should be shown under secured loan where you are showing your other facilities like CC ,& should be calculated at exchange rate prevailing as on March 31st in case you have not taken forward cover or in case taken ,then at which forward rate is being booked.As bank has already paid to your vendors ,now you only need to pay to the bank at a specified date.

Still like to invite comments from some other experts also ,if this is correct or not?

CA Sanat Pyne

CA Sanat Pyne (Expert)
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03 August 2010 AGREE WITH NITINJI ,
IT SHOULD BE SHOWN UNDER SECURED LOAN.

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