Note in balance sheet
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 October 2014
In balance sheet, below line "loan from Bank" I had put a note
that such loan is secured by hypothecation of plant, machinery.
furniture, computer
As far as sanction letter is concerned, it is written therein that
loan is secured by moveable assets, land & building.
Query is"
Whether plant & machinery is covered in moveable assets.
Management has contented that plant or machinery is
not covered by sanction letter.
If management contention is right, then I will delete the word
plant & machinery in balance sheet for period ended on 31/03/14 before signing the same from our auditors.
As far as balance sheet of period ended on 31/03/13, 31/03/12
is concerned , I had put the same note. Whether I have to give any note in
balance sheet of 31/03/14 about use of plant or machinery in earlier balance sheets.
Please advise.
that such loan is secured by hypothecation of plant, machinery.
furniture, computer
As far as sanction letter is concerned, it is written therein that
loan is secured by moveable assets, land & building.
Query is"
Whether plant & machinery is covered in moveable assets.
Management has contented that plant or machinery is
not covered by sanction letter.
If management contention is right, then I will delete the word
plant & machinery in balance sheet for period ended on 31/03/14 before signing the same from our auditors.
As far as balance sheet of period ended on 31/03/13, 31/03/12
is concerned , I had put the same note. Whether I have to give any note in
balance sheet of 31/03/14 about use of plant or machinery in earlier balance sheets.
Please advise.
06 October 2014
Plant and machinery come under movable asset as it can be installed somewhere else too.so your note is right.
06 October 2014
Go as per sanction letter and loan agreement signed. As per sanction letter the loan is secured by movable assets,land and building.
Plant and machinery is a movable asset. Any how you can word it as per loan agreement as movable asset.
Plant and machinery is a movable asset. Any how you can word it as per loan agreement as movable asset.
07 October 2014
plant and machinery come under the movable assets and its cover under loan security.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
