If company had taken loan from any person in FY 2010 and repaid the same in Feb 2012.Then how the presentation looks like...? Company has shown it in audited FY 2011 in Unsecured loan Head..
Now my question is while making revised Schedule VI, do we need to classify the FY 2011 loan amount as per revised VI and if Yes then will it be treated as current liablity because the same has been paid in Feb 2012.
It depends upon the conditions agreed when the loan was granted to the Company i.e. if in FY 2010 the loan was granted with a condition of repayment in Feb 2012, then this amount will be shown as current maturities in other liabilities for FY 2011.
@ Anubhav Bansal.........if there is no such agreement...... but as on 31-03-2012 we know that the loan has been paid...Then How can we classify the same for FY 2011 in non current liability.
Yes you need to classify the loan amount of FY 2011 as per revised schedule VI...and because we are preparing the financial statements at present and we are aware that it has been repaid in Company's Normal Operating Cycle..i.e. it has been repaid within a year of the reporting date of balance sheet of FY 2011 so it would be classified as 'Current Liabilty'.
@ CA Parul Saxena....r u sure??? becoz the same opinion i gave to the company auditors as i interprated the same..but they have diff view...pls confirm..?
yes CA Sudhir Maheshwari...i am sure because if we know that a libality has been setteled within a year from balance sheet date then definitely it should be classified under 'Current Liablities' as per 'Revised Schedule VI'.
Other views are welcomed if any.....please share.....
yes CA Sudhir Maheshwari...i am sure because if we know that a libality has been setteled within a year from balance sheet date then definitely it should be classified under 'Current Liablities' as per 'Revised Schedule VI'.
Other views are welcomed if any.....please share.....
my question is...do we know as on 31-03-2011 whether its going to be repaid with in a year?????
Hi Sudhir...
As we are preparing the Balance Sheet as on 31/3/2011 & on that day if the company is having the liability of repaying the loan before 31/3/2012 then the same would be classified as current & it is immaterial that whether the company has paid it on Feb-2012 or not.
PLEASE REPLY FOR MY QUERY
FD MADE ON 2009 MATURING ON 31-5-2012
WHERE I HAVE TO DISCLOSE AT THE TIME OF PREPARATION OF B.S ON 31-3-2012
AS WE KNOW THAT IT IS MATURING ON 31-5-2012 ?????????
non current investment
CAclubindia
