Disclosure as per revised schedule vi

A/c entries 2275 views 2 replies

Hi friends

Please solve query of mine

A secured car loan of Rs 20 lac was obtained on 31.12.2012 on which interest payable was Rs. 296800. The installments were payable in 36 monthly installments of Rs 63800 each. My query is how the entries will be made in the books and how the loan and interest shall be presented in financial statements as per revised schedule vi for the year ended 31.3.2013?

 

Thanks in advance

Replies (2)

as per revised schedule vi it was shown under d head loang term loans as both are long term 

 

As per revised Schedule Vi 

As on balance sheet date 31--03-13

Under Current Liabilities Head

1.Secured loan repayable within 12 months   =  principal amounts among 12 monthly installments

                                                                                    i.e., (Rs 63800*12-interest protion of installment)

2. Interest on loan payable = interest portion of the installment payable within 31-3-13 to 31-3-14

 

The remaining balance of the Secured Loan to be shown under Non-current Liabilities head as on balance date 31-3-13

Thanks

 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details