Revised sch vi
This query is : Resolved
21 May 2012
Sir,
Where we have to disclose creditors for exp like creditor for printing exp, creditor for job work???
Where we have to disclose creditors for exp like creditor for printing exp, creditor for job work???
23 May 2012
to be disclosed under current liabilities if the same are payable within a year or under non current liabilitie if the same are payable after a year.
23 May 2012
should it be included in the trade payable?
22 July 2025
Under revised Schedule VI:
Creditors for expenses like creditor for printing, creditor for job work should be disclosed under Current Liabilities if payable within 12 months.
These creditors are generally not included under "Trade Payables", as trade payables usually refer to amounts payable for purchase of goods.
Instead, such creditors are disclosed separately under “Other Current Liabilities” or as “Creditors for Expenses” in the current liabilities section.
So:
Printing and job work creditors = Other current liabilities (if payable within a year), separately shown and not lumped under trade payables.
Creditors for expenses like creditor for printing, creditor for job work should be disclosed under Current Liabilities if payable within 12 months.
These creditors are generally not included under "Trade Payables", as trade payables usually refer to amounts payable for purchase of goods.
Instead, such creditors are disclosed separately under “Other Current Liabilities” or as “Creditors for Expenses” in the current liabilities section.
So:
Printing and job work creditors = Other current liabilities (if payable within a year), separately shown and not lumped under trade payables.
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