Revised schedule vi

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Mukesh Kumar (Querist)
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28 August 2013 Hi

in our books on 28th March, 2013, there is balance in our Bank Account of Rs. 1,00,000/- and on 29th March, 2013 we have received cheques of Rs. 1,00,000/- which is not deposited in to bank upto March 31, 2013. these were deposited on April 2, 2013.

and on 29th March we have issued Cheques of Rs. 1,50,000/- which was sent to vendor on March 31, 2013 by post and cleared from bank after April 2, 2013

Now as per Revised Schedule VI we have to show cheque in hand of Rs. 1,00,000/- under " Cash and Cash Equivalent "

if we show Cheque in hand separately, then bank balance will show negative balance of Rs. 50,000/- as we have issued cheques of Rs. 1,50,000/- on 29th March, 2013

Now my question is that what will be treatment of bank account
1. Option 1 :- whether it will be shown under "current liability" with Rs. 50000/-

2. Option 2:- we show Bank balance of Rs. 1,00,000/- under "Cash and Cash Equivalent" and Cheque in Transit of Rs. 1,50,000/- under " Current Liabilities "

Mukesh Kumar

Mukesh Kumar (Querist)
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30 August 2013 is any one to reply

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