Ravinder kumar Agarwal (Chartered Accountant) (37 Points)
12 December 2020Where should the amount financed to various people on interest against security by a financer, running his proprietorship firm, be disclosed in the Balance Sheet, under the head Sundry Debtors or Loans and Advances?
Ravinder kumar Agarwal
(Chartered Accountant)
(37 Points)
Replied 12 December 2020
As financing is the business of assessee, hence should it not come under Sundry Debtors?
As in normal cases the balance of sale receipts comes under trade debtors.
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