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Purchase of Asset on credit

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20 March 2009 A limited co has purchased a machine for Rs.1.5 crore on credit. The terms of credit has not been fixed, so payment can be spread in more than one accounting year in instalments also. There is no agreement which creates any charge on asset.

Which is the appropriate head under liability side for showing liablity for purchase of asset. Is it correct to show under unsecured loan.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
20 March 2009 it should be shown under creditors separately as creditors for machinery.
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