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
muralidhar (Excecutive Accounts) (62 Points)
13 June 2012Dear 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
Rohit Srivastava
(Article CA Final)
(94 Points)
Replied 13 June 2012
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
.
CA. Pradeep
(Partner)
(48 Points)
Replied 14 June 2012
as per Revised schedule vi :-that party will be shown in other current /non current liability
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 14 June 2012
Agreed with Pradeepji.
Under other current liabilities.
Anupama Abhijit Pathak
(Student)
(49 Points)
Replied 14 June 2012
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.
Anupama Abhijit Pathak
(Student)
(49 Points)
Replied 14 June 2012
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.
CA. Pradeep
(Partner)
(48 Points)
Replied 14 June 2012
No anupama , read guidance not on revised schedule Vi issued by ICAI
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