A firm has a Fixed Deposit of Rs 20,00,000.00, on which they have taken a loan of Rs 16,00,000.00
In the Balance Sheet, do we have to show
Asset of 20,00,000.00 and Liability of 16,00,000.00, or
Asset of 4,00,000.00 and Liabilty of 16,00,000.00 (since 16,00,000.00 loan is taken and is no longer an asset)
Asset of Rs. 20,00,000 and liability of Rs. 16,00,000 will be shown in the Balance Sheet
Sir, But what about interest paid on such deposits or received against the same how it will be accounted
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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