Form 23ac as 18 figure to be mentioned

This query is : Resolved

Chandranil (Querist)
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11 August 2011 Dear All

in Form 23AC Part B we need to fill Gross value of transcation as per AS 18

here in this form capital Item is required to be filled

now supposed a company ( related party) has given loan to another company to the tune of Rs 80 lacs say in 2008 in the 2010 11 it repayed Rs 10 lacs bal Rs 70 lacs

now if we see related party statement both the figures will appear
but which amount need to be mentioned in 23AC whether 10 lacs or 70 lacs

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 August 2011 Balance sheet figure has to be mentioned meaning thereby Rs. 70/- lakhs has to be entered in e-form 23AC (Part B column 14).

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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11 August 2011 70 lacs is to be shown on the logic that you have free of 10 lacs and now the real value of related transaction is 70 lac only

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Chandranil

Chandranil (Querist)
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11 August 2011 thanks but in earlier year when loan was given the total amount of Rs 80 lacs have been shown so that was the tanscation during that period

now during previous year Rs 10 lacs is repayed so the transcation during last year was of Rs 10 lacs.

Rs 70 lacs in closing balance hence considering this senario I am under impression that Rs 10 be mentioned

kindly correct me if I am wrong

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 August 2011 Instruction to e-form 23 AC (part B cloumn 1 to 15) says as followe:-
"The figures should be as per the latest annual accounts of the company, attached with the eForm".
So, Rs. 70/- lakhs should be filled in.