Revised schedule vi-current deposits on ltb

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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 I have a query on current deposits on long term borrowings (CLTB)) which means loans which are payable within 12 months..As we know that under current liabilities CLTB are shown under Current liablities as a separate loan from secured Loans.My query is suppose a company has 2 loans outstanding on 31.3.13.. 1st loan will be written off by oct'2013 and 2nd loan is scheduled to get completed by end of 2015.We will show 1st loan in CLTB..But whether we have to show principal amount of 2nd loan accruing upto 31.3.14 under CLTB or the 2nd loan will fully be considered as secured loan and to be shown under long term borrowings..Please Solve ds query at earliest with suitable reasons for the same.

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)

25 July 2013 All the current liabilities of long term loans need to be displayed under current maturities of long term borrowings.
Current maturities mean liabilities that will be paid off within 12 months of balance sheet date...
Hence apart from entire 1st loan amount, the principal accruing upto 31 mar 2014 in case of second loan need to be shown under curr liabilities, since to be paid off in 1 yr from balance sheet date... balance will go under long term loans for the second loan...

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