Grouping
This query is : Resolved
RAKHI CHAUDHARY
(Querist)
07 July 2010
Sir
Please tell me where will be the grouping of following tansactions:-
1)Guarantee deposited with bank
2)Fixed Deposit
Please tell me where will be the grouping of following tansactions:-
1)Guarantee deposited with bank
2)Fixed Deposit
Aditya Maheshwari
(Expert)
07 July 2010
Both are in the nature of fixed deposits.
So as per schedule VI the format for presentation of bank balances is as under:
Balance with schedule bank
In current Account
In deposit Account
The same will form part of deposit a/c
Give a note below the bank balances or in the notes to accounts that Rs. XYZ has been given to bank as gurantee deposit with bank.
So as per schedule VI the format for presentation of bank balances is as under:
Balance with schedule bank
In current Account
In deposit Account
The same will form part of deposit a/c
Give a note below the bank balances or in the notes to accounts that Rs. XYZ has been given to bank as gurantee deposit with bank.
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