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PROVISION INTHE BOOKS OF ACCOUNTS

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(Querist)
18 December 2007 IS IT NECESSARY TO MAKE PROVISION FOR NPA INTEREST IN THE BOOKS OF ACCOUNT OF COMPANY WHOSE TERM LOAN ACCOUNT IS BECOME NPA ,ON THE BASIS STATEMENT OF UNCOLLECTED INTEREST RECEIVED FROM BANK?
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GEETA BHAGWAT

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GEETA BHAGWAT (Querist)
18 December 2007 6
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
18 December 2007 Hi Geeta,

Details of NPAs is only applicable for banks. The same isn not applicable for corporates.

The entries shall be passed in the books of account on accrual / cash basis depending on the method of accounting followed by the company.

Rgds/

Vineet
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CHEZHIYAN

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CHEZHIYAN (Expert)
26 August 2008 Thanks you

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