HOW TO ENTER NEGATIVE AMOUNT IN FORM 23AC, ROC FORM

This query is : Resolved

Guest

Guest (Querist)

17 January 2011 Dear Friends / Colleagues,

Please see my query and do the needful.

ABC Private Limited in it's Balance Sheet mentioned the amount (195,531) as Bank Balances (book overdraft for the year).

Query

How do I enter this amount (195,531) in Form 23AC in the field Cash and bank balances ?

Ans : ...................

I am sure, you are well aware that the accounts cannot be altered, as already accounts have been circulated to the concerned parties.

I shall wait for your response.

Thanks.
DK.

CS Taher

CS Taher (Expert)
Follow

17 January 2011 Add the amount with secured loans.....

Guest

Guest (Querist)

18 January 2011 Thank you for your response.

Still, I find problem in doing in that manner, as the totals of Net Current Assets and the totals of Balance Sheet shall not match with the totals of physical accounts (i.e.Balance Sheet).

Is this the commonly accepted practice on such a situation ?

Please re-confirm for my understanding so that I shall proceed accordingly.

I shall wait for your confirmation.

Thanks.
DK.

Upgrade to CAclubindia Pro. Subscribe Now!

CS Taher

CS Taher (Expert)
Follow

18 January 2011 Add Bank Over draft under the head Current Liabilities...

In new practice BO come under the head Secured Loan under Old practice BO come under Current liabilities.
We in Indian Still practice old method so please go with the old method.

Guest

Guest (Querist)

18 January 2011 Thanks a lot, as you have exactly expressed what I had in my mind.

I am now comfortable, as by doing this, all the totals are in place.

Once again, thank you.

DK.

CS Taher

CS Taher (Expert)
Follow

19 January 2011 UR MOST WELCOME...

REGARDS
CS TAHER