CA. Shwetank Vats
(Chartered Accountant)
(653 Points)
Replied 06 September 2009
In Head of "AMOUNT RECOVERABLE IN CASH OR KIND" in Assets
CA CHINTAN AJMERA
(Chartered Accountant)
(2987 Points)
Replied 06 September 2009
Agree , Loan & Advances
Pulkit Agarwal
(CA. Final)
(455 Points)
Replied 08 September 2009
Simply show them as debtors........
Uday Kanth
(Consultant)
(71 Points)
Replied 08 September 2009
Definition of Debtor and creditor says, that if the entity owns the money to a third party, same to be treated as creditor. In my opinion, Driving factor to include in the balance sheet should be based on this.
Raj Singh
(Accountant)
(47 Points)
Replied 09 September 2009
They will be recorded as Advance to Suppliers
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 11 September 2009
comes under the head "Advance to suppliers" under "current assets."
regards,
ratan
Deepak
(student)
(104 Points)
Replied 11 September 2009
dr bal of creditor can only be on a/c of advances given to them,debit note issued to them for any reason(rate difference,purchase return) accordingly it is to be shown as advances in current assets loan and advances group
praveen
(Chartered Accountant)
(6971 Points)
Replied 11 September 2009
advance to suppliers under current assets
CA. Gaurav Agarwal
(Practicing Chartered Accountant)
(49 Points)
Replied 15 September 2009
Ratan Deep is Correct
It should be Advances to Suppliers.
Nikky
(Chartered Accountant)
(552 Points)
Replied 16 September 2009
Advance to Creditors
under loans and advances
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 16 September 2009
advance to creditors
CA. SUDHARSAN K G
(Chartered Accountant)
(472 Points)
Replied 19 September 2009
Show it as Advance for Goods
(or)
Amount Recoverable from Dealers
as per the nature
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