My query is in respect of classification of term loan
If a company has taken a loan from bank of Rs 4.75 Crore Repayable in monthly installment of Rs 465550 /- and the whole amount is repayable in seven years .currently outstanding balance is 3.94 crore
The amount which is repayable in 12 month from reporting date 465550*12 is classified as other current liability and the balance part is classified in long term liability
Or
this whole amount should be classified in long term loan
What should be correct treatment as per new revised schedule VI?
CAclubindia
