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Bank Overdraft-Whether considered Loan??

Rohit (student)     21 October 2016

 53 points

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Whether Bank OD is considered as loan. And If a co. has Bank OD . Whether reporting will be done in CARO 2016. Point 8.

Rahul Shah (Assistant Chartered Accountant)     21 October 2016

Rahul Shah
Assistant Chartered Accountant 
 18 likes  196 points

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According to Revised Schdule Vi Bank O/d is Considered as Current liability so in CARO Bank OD is Not to be considered according to my point of view.


Dharmesh (Student)     21 October 2016

 78 likes  1025 points

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According to my view, bank overdrafts represent short-term loans and should be classified as liabilities in the balance sheet. Reporting under CARO will come as its a short-term loan.

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