Hello,
What could be the Accounting Entry if a Company Accepts Security Deposits which need to be pay back after the complition of tenure or Contract. ?
What will be the gouping of Accounts involved in the same ?
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Entry for security deposits
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the entry for the Security Depsits would be as follows:
Bank A/c Dr xxxx
To- Security Deposits Payable xxxx
As per the revised Schedule Vi the Security deposits should be shown under the head Non-current Liabilities in sub-head loOther Long Term Liabilities
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