21 December 2011
First of all i am thanking to mr. navin jain for his continuous responses for my queries. As he told, Advance for capital assets should be accounted for as CWIP, But my query is the same can be shown as current asset?
For your the classification of Capital Advance, you are requested to see the Revised Schedule VI. In the Revised schedule VI, Capital advance needs to be shown separately.
You are can further refer to the guidance note issued by "ICAI" on Revised Schedule VI.
CAclubindia
