Overdraft as per books of accounts

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NIDHI KARIA (Querist)
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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

Rupesh Jain (Expert)
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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

NIDHI KARIA (Querist)
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16 June 2016 why can't i show it as cash & cash equivalent?

Amol S Joglekar

Amol S Joglekar (Expert)
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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

NIDHI KARIA (Querist)
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16 June 2016 thankyou for your replies :)

Amol S Joglekar

Amol S Joglekar (Expert)
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16 June 2016 you are most welcome

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