Creditors appearing for the the asset under process

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Ashok Patel

Ashok Patel (Querist)

06 April 2012 Where can Creditors for Asset under Process(CWIP) be group as per Revised Schedule VI?

Lovnish Gupta

Lovnish Gupta (Expert)

06 April 2012 It will appear under current liabilities, if the payment will be made with in one year from BS date.

Ashok Patel

Ashok Patel (Querist)

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.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)

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.

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