Dear Sir,
Can any one tell me the accoding to schedule VI of companies act, 1956 is this right to show bank charges under finance charges in income statement.
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Is bank charges is shown as finance charges?
Replies (2)
NO banck charges cannot be shown as Finance Charges.
But if banck charges are incurred for loan ( Bank charges for Buyers Credit etc) then it is to be included in Finance Charges.
I found in the balance sheet of many companies that bank charges for curret a/c are showed under finance charges and consult to some charetered accountants and their views was that this will be showen under finance charges.
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