Negative bank balance

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2016 Hi,
One of are companies had Rs 2000000 in account on 29th March, however they issued cheque of Rs 2700000 on 31st March. Should i show Bank O/D and if yes where in the balance sheet as per schedule iii companies act 2013. Is there any other way to present if I dont want to show negative bank balance provided all the expense pertains to FY in question.

CA ABHAY GUPTA

CA ABHAY GUPTA (Expert)
Follow

05 August 2016 show the cheque amount not cleared till 31st march as due in reconcillation under other current liability and balance as per bank under current assests

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

05 August 2016 what is the problem in showing -ve balance?...show -ve balance in sch iii
my counter query is as follows:
if you have the guts to issue a cheque of 2.70 against a balance of 2.00..without paying much attention to sec 138.......violating negotiable instruments act.....why do you show such a concern for Companies Act? Can you please explain, if you dont mind)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA K GIRIDHAR

shubham agrawal

T E SOUNDARARAJAN

Krishnan V

Sivanath VV

Subscribe Now

Negative bank balance

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Accountant

CA Final

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY