An assessee availed a CC Limit of 15 lacs against mortgage of property
Balance on 31st March in CC Account shows 13.5 lacs..
How much to show under Liability? 1.5 lacs CC utilised to be shown under Liab?
Under which head? Current Liability or Long Term Loans?
Does CC limit of 13.5 lacs "UNUTILISED" needs to be shown on assets side??
Please help.. Urgent!!
CC utilised amount of lac is to be shown as Current liability. Unutilised amount of 13.5 lac need not be shown in Balance Sheet.
There is no need to show the unutilised cc limit. Only 1.5 L will be shown as current liability.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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