Term loand for 10 years
This query is : Resolved
20 June 2010
Should we have to disclose liability of term loan repayable within one year as
Current Liability?
With regards,
Rajesh
Sorry Experts, I shall put my question more clearly.
The Term loan is repayable in 10 years amounting Rs 250 lakhs.
In year 1 the principal repayment amounts 25 lakhs
Now whether we have to show in the balance sheet Rs.25 lakhs in current liabilities and the balance Rs.225 lalkhs as term loans. Else we have to show Rs. 250 lakhs as term loan in the balance sheet
Thank u sir Mr. Rasesh and the other expert.
With regards,
Rajesh
Current Liability?
With regards,
Rajesh
Sorry Experts, I shall put my question more clearly.
The Term loan is repayable in 10 years amounting Rs 250 lakhs.
In year 1 the principal repayment amounts 25 lakhs
Now whether we have to show in the balance sheet Rs.25 lakhs in current liabilities and the balance Rs.225 lalkhs as term loans. Else we have to show Rs. 250 lakhs as term loan in the balance sheet
Thank u sir Mr. Rasesh and the other expert.
With regards,
Rajesh
20 June 2010
The whole of the Rs.250 L should be shown as Term Loan.
It is not correct to show the instalment which has become payable as current liability & the balance as Term Loan.
It is not correct to show the instalment which has become payable as current liability & the balance as Term Loan.
Message likes :
1 times
03 January 2011
Current liabilities are those which fall due for payment in the 12 months following the balance sheet date. They are those that come due for payment in the normal operating cycle. The cutoff is taken as 1 year.
In the above case there will be 2 components the 25 lacs falling due in 1 year is a current liabiliity the other portion can be acrried forward as non current.
In the above case there will be 2 components the 25 lacs falling due in 1 year is a current liabiliity the other portion can be acrried forward as non current.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
