heloooooooooo
whether advances received from customers in construction compaines should be shown in current liablities as per revised sch vi.
Thanks in advance
CA Sudhir Maheshwari
(CA)
(270 Points)
Replied 18 May 2012
definately if it seems that the work will be completed before the next reporting date..
sandeep
(accountant)
(36 Points)
Replied 19 May 2012
dear sudhir,
as per revised sch vi if liability is held for the purpose of being trade, than it will be shown as current lialities.............and for construction companies it is their trade liablitiy................so i just want to know whether it is sufficient enough to qualify as current liablities or not............
pls. support your reply with evidence if available.....
Thanks
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