I am preparing balnce sheet of my client,my client has taken CC limit of rs 10 lakhs from sbi ,I want to know what to take in liability side of balance sheet ,whrther entire amount of rs 1000000 or cleared balance as shown in statement i.e. Rs.954566.00.
Please help
Only amount upto Date in BS Should be shown
The Current Outstanding amount should be shown.
First reconcile as Bank Reconcilation and than show the actual payable to bank by your client.. shown under the head secured loan since stock is hypothicated.. CC limit you treat like bank account only diffrence its start with liability..
Thanks Guys for your help
T R SOOD & CO
New Delhi
CA Inter
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SSGS and Associates
Chennai
CA Inter
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