Overdraft as per books of accounts
This query is : Resolved
NIDHI KARIA
(Querist)
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?
Rupesh Jain
(Expert)
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 .
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NIDHI KARIA
(Querist)
16 June 2016
why can't i show it as cash & cash equivalent?
Amol S Joglekar
(Expert)
16 June 2016
because it is your LIABILITY in the first instance and hence you can NOT designate it to be cash equivalent.
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NIDHI KARIA
(Querist)
16 June 2016
thankyou for your replies :)
Amol S Joglekar
(Expert)
16 June 2016
you are most welcome
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