Accounting Treatment
This query is : Open
Govarthan. P
(Querist)
21 September 2009
Sir/Madam
Under what head the following has to be shown, Current Assets or Loans & Advances
1. TDS/Advance Tax
2. Retention Amount/With-held Amount
3. Deposits like Telephone Deposit, E.B. Deposit,etc
And also whether these items will be considered for calculating "Current Ratio"?
Under what head the following has to be shown, Current Assets or Loans & Advances
1. TDS/Advance Tax
2. Retention Amount/With-held Amount
3. Deposits like Telephone Deposit, E.B. Deposit,etc
And also whether these items will be considered for calculating "Current Ratio"?
CA Binal Shah
(Expert)
21 September 2009
Hi,
1. TDS/Advance Tax :- Loans and advances under the head adv with govt authorities
2. Retention amt. :- I cant understand this,plz explain the exact nature
3. Deposits :- Under the head loan and adv- as deposits
Item - 1 & 3 wil not be considered while calculating Current ratio
1. TDS/Advance Tax :- Loans and advances under the head adv with govt authorities
2. Retention amt. :- I cant understand this,plz explain the exact nature
3. Deposits :- Under the head loan and adv- as deposits
Item - 1 & 3 wil not be considered while calculating Current ratio
Govarthan. P
(Querist)
21 September 2009
In case of contracts, a percentage of amount, say 5% of Contract value, will be with-held/deducted and paid after some period of time, say 6 mnths r 1 yr.
Govarthan. P
(Querist)
21 September 2009
sir, But i ve seen some banks take TDS n Deposits for calculating Current ratio while giving OD/OCC?
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