30 March 2012
As per the revised Schedule VI continuing default on payment of long term borrowing should be disclosed.it also require current maturities of long term borrowing to be included under other current liabilities.My query is whether the amount of loan due but not paid (ie defaulted in payment) be included in Long term borrowing or Other current liabilities.
30 March 2012
Dear Friend, The defaulted amount of loan should be shown in Other Current Liabilities payable within working circle of the company. Thanks
30 March 2012
Thank you Deepak.Since we need to disclose the amount of default in Long term borrowing,the disclosure will be in one head and the amount defaulted will be in another head.Any advice..
CAclubindia
