Creditors appearing for the the asset under process
This query is : Resolved
06 April 2012
Where can Creditors for Asset under Process(CWIP) be group as per Revised Schedule VI?
06 April 2012
It will appear under current liabilities, if the payment will be made with in one year from BS date.
06 April 2012
Thank u Sir for your immediate response, but i still have doubt because of the following treatment as per Rvsd Sch VI:
In case of Debit Balance, we show it under CWIP which is NON Current,So can the creditors for CWIP Asset Still be shown under Current Liability ?
Also Capital Advances are treated as Non Current Asset as per Rvsd Sch VI.
In case of Debit Balance, we show it under CWIP which is NON Current,So can the creditors for CWIP Asset Still be shown under Current Liability ?
Also Capital Advances are treated as Non Current Asset as per Rvsd Sch VI.
06 April 2012
As per revised schedule VI, you will show CWIP under Non current asset but any advance for such CWIP shall not be included under CWIP rather it shall form part of long term loans & Advances or current assets depending on the nature.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- CREDIT NOTES WITHOUT GST
- DIN reactivation
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- TDS Return Q1 FY 2026-27
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Depreciation of fixed assets- coop housing society in mumbai
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
