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Negative bank balance

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Querist : Anonymous

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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.
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CA ABHAY GUPTA

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CA ABHAY GUPTA (Expert)
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
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Amol S Joglekar

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Amol S Joglekar (Expert)
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)
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