Provision for bad and doubtful debts.
Querist : Anonymous
Over all presentation can be as below
TRADE RECEIVABLES
Unsecured:-
Debts outstanding for period exceeding six months
-Considered good A
-Considered doubtful B
Less: provisions for doubtful debts(B)
A+B+(B)
.
.
Other debts
-Considered good C
TOTAL A+B+(B)+C
Querist : Anonymous
8.6.4.Short-term provisions
The amounts shall be classified as:
(a) Provision for employee benefits;
(b) Others (specify nature).
Others would include all provisions other than provisions for employee
benefits such as Provision for dividend, Provision for taxation, Provision for
warranties, etc. These amounts should be disclosed separately specifying nature thereof.
Sir, earlier we used to deduct provision from debtors. My doubt is whether we have to show it under short term provisions.
Please see pg 134
My above reply is based on as suggestion given for presentation of TRADE RECEIVABLE
http://www.mca.gov.in/XBRL/pdf/Guidance_Note_Rev_ScheduleVI.pdf
.
.
Presentation given in above reply is comply with revised schedule VI
.
.
Hence provision for doubt ful debts have to be reduced from DEBTORS ONLY as advised above to comply with Revised shedule VI requirement and it cannot be classifed as short term provision.
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