Overdraft as per books of accounts
This query is : Resolved
16 June 2016
There is a negative balance(cr balance) as per books of accounts but a (dr balance) positive balance as per bank book. What should be the treatment as per Revised Schedule VI?
16 June 2016
you can show under current liability that amount due to this is not a credit facility with the bank. you issue the cheque to the vendor, cheque not present in the bank for realization. if you issue cheque to reduce your creditor then pls cancel all the cheque .
Message likes :
1 times
16 June 2016
why can't i show it as cash & cash equivalent?
16 June 2016
because it is your LIABILITY in the first instance and hence you can NOT designate it to be cash equivalent.
Message likes :
2 times
16 June 2016
thankyou for your replies :)
16 June 2016
you are most welcome
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Plot of land. Cost of Acquisition
- Specified Profession
- GST ON DAMAGED GOODS
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
