Revised schedule vi

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ANJALI NEGI (Querist)
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13 October 2012 Hello frnds, As per revised Schedule VI the term “sundry debtors” has been replaced with the term “trade receivables.” ‘Trade receivables’ are defined as dues arising only from goods sold or services rendered in the normal course of business. Hence, amounts due on account of other contractual obligations can no longer be included in the trade receivables. Can some one explain me the term Contractual obligation broadly.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 October 2012 Few examples :-

i) Dues in respect of insurance claims,
ii) Dues on account of sale of fixed assets,
iii) Contractually reimbursable expenses,
iv) Interest accrued on trade receivables etc.,

ANJALI NEGI

ANJALI NEGI (Querist)
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13 October 2012 thanks sir ...now i got it..!!

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