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
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
CAclubindia
