Schedule vi

Sana Pathan (article assistant) (37 Points)

25 May 2013  

As per new Schedule VI, "trade payables shall be classified as 'trade payable' if it is in respect of amount due on account of goods purchased or services received in the normal course of business".  

Now my question is whether the expenses such as telephone exp, , power consumption which are incurred to sale the product or even auditors fees and expenses should be shown as under the head Trade Payables because as per the client these expenses are part of normal course of business. Whether the fees given to auditor will be shown in Trade payables or Other current liabilities ?