Grouping

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RAKHI CHAUDHARY (Querist)
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07 July 2010 Sir
Please tell me where will be the grouping of following tansactions:-
1)Guarantee deposited with bank
2)Fixed Deposit

Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 July 2010 Both are in the nature of fixed deposits.

So as per schedule VI the format for presentation of bank balances is as under:

Balance with schedule bank
In current Account
In deposit Account

The same will form part of deposit a/c

Give a note below the bank balances or in the notes to accounts that Rs. XYZ has been given to bank as gurantee deposit with bank.

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