Please anyone help me
How to incorporate Deferred Revenue items in the Balance Sheet as per Revised Schedule VI
G. Nageswar Rao (No) (73 Points)
15 May 2013Please anyone help me
How to incorporate Deferred Revenue items in the Balance Sheet as per Revised Schedule VI
IA & Risk expert
(Freelancer)
(198 Points)
Replied 16 May 2013
y u do want to show deferred revenue in your b/s.?
has it already accrued and only receipt is pending?
If yes
then
current assets-debtors- to be realised in 12 months
non current assets-debtors- expected to be realised after 12 months
Please reply to my qustns
Deena.Vanan
(Grad. CWA, ACA, CS(F))
(120 Points)
Replied 16 May 2013
As per revised schedule VI, Deferred revenue is to be shown as a part of Other liabilities (Under current liabilty) in BS.
And as we all know the income amount will appear in revenue side of P&L A/c and amount receivable regarding this service will be shown as Trade receivables in assets side.
CMA RAVI
(ASSISTANT MANGER - FINANCE)
(478 Points)
Replied 17 May 2013
Totally agreed with Deena Vanan anwer . As per revised schedule Vi, deferred revenue is to be shown as a part of other liabilities.
CAclubindia
