Revised schedule vi
This query is : Resolved
04 April 2012
Under which head 'Current Account' credit Balance to b taken in Revuised Schedule vi..???
04 April 2012
We take OD balance in Short term borrowings ryt..cant v take CA balance also in Short term Borrowings???
22 July 2025
Great question! Here's the distinction:
Current Account (credit balance) with parties (like partners, directors, related parties) usually represents amounts payable to them — it’s more like a liability.
In Revised Schedule VI, such credit balances in Current Account are generally classified under "Other Current Liabilities" because these are operational payables or balances due within a year.
Short-term borrowings specifically refer to formal borrowings like bank overdrafts, loans, cash credits, and similar finance arrangements.
So, you should NOT classify Current Account credit balance under Short-term Borrowings unless it’s a formal loan from the party.
Current Account (credit balance) with parties (like partners, directors, related parties) usually represents amounts payable to them — it’s more like a liability.
In Revised Schedule VI, such credit balances in Current Account are generally classified under "Other Current Liabilities" because these are operational payables or balances due within a year.
Short-term borrowings specifically refer to formal borrowings like bank overdrafts, loans, cash credits, and similar finance arrangements.
So, you should NOT classify Current Account credit balance under Short-term Borrowings unless it’s a formal loan from the party.
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