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Presentation of Debtors in the Balance Sheet


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Hi,

Just wanted to know this

I am preparing a Balance Sheet. Under Debtors, there are 2 accounts created for a party

1. Showing advance recieved

2. Recievable from Debtors

My client argues that i keep both these accounts seperately. Is there anything that states it should be stated seperately or merged whatever.

 

Please respond

SIVASIVA

SIVASIVA (FCA, Future CA)     16 June 2010

SIVASIVA
FCA Future CA 
 538 likes  4930 points

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Yes, Advances received from Customers should be stated and disclosed separately.  It should be separately accounted.  refer Schedule VI of Co.s Act, 56

Ankit CA and CS

Ankit CA and CS (Manager - Accounts)     16 June 2010

Ankit CA and CS
Manager - Accounts 
 33 likes  204 points

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If a debtor account have credit balance due to advance received from him it should be regrouped from debtors to creditors... and no separate disclosure required.... 


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