Interest accrued but not due
This query is : Resolved
Ashok Garg
(Querist)
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 !!
I need it rather urgently and badly ! Help !!
Deepak Agrawal
(Expert)
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
(Querist)
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
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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