Dear Sir,
If debtors balance will come negetive ( amount received from customer but invoice not raised) at year end. where we have to show in balance sheet? we have to treat as Loans? or put it in current assets?
Regards,
Murali
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Negetive debtors balance.
Replies (7)
Until you have raised the invoice you cannot treat that party as debtor .
In my view the money you have received from that party will be shown as advance from customers as current liabilities
.
Agree with rohit
as per Revised schedule vi :-that party will be shown in other current /non current liability
Agreed with Pradeepji.
Under other current liabilities.
it should be shown as deductions from gross current assets.
though invoice is not raised advace from customer is credit balance in debtors a/c.
it should be shown as deductions from gross current assets.
though invoice is not raised advace from customer is credit balance in debtors a/c.
No anupama , read guidance not on revised schedule Vi issued by ICAI
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