Interest accrued but not due

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Ashok Garg (Querist)
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21 January 2009 For the purposes of section 211(1) of the companies Act , I need to know the guidelines of ICAI as to what is "interest due in case of bank interest on secured loans or working capital loans." I am told that it is available in ICAI Compendium of Opinion, Vol 1 Second edition 1984 Reprint page 12.

I need it rather urgently and badly ! Help !!

Deepak Agrawal

Deepak Agrawal (Expert)
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23 January 2009 Accrued & due is to be clubbed under secured / unsecured loans. Interest accrued but not due is to be shown under current liability.

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Ashok Garg

Ashok Garg (Querist)
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23 January 2009 Thanks for all the trouble .
But firstly , the first part is no more correct because- Interest due but not paid is to be shown sepparately under a separate sub-head - under secured loans.

What is accrued but not due should be shown under current liabilities- this is the advise given in the aforesaid compendium ( Source Ramaiaya)

My problem is that I want access to that compendium of opinions (Vol.1) etc.

Whether interest charged by bank on 31st march and debited to my working capiatal loan account (debit balance) , could be said to be "Paid"; and not "outstanding" -requiring separate disclosure

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