Grouping in balance sheet
This query is : Resolved
07 April 2015
Should the bank accounts with cash credit or OD facility be grouped under Current Liabilities irrespective of the balance ( credit or debit) OR be grouped under Assets / Liabilities basis the closing balance?
CA Kanj Goel
(Expert)
07 April 2015
On the basis of balance available and od facilities should be shown under short term borrowing and balance in bank in cash and cash equivalent.
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