21 April 2013
Both items will come under the head "Other Current Liabilities" provided that the first item is due for payment within 12 months from the balance sheet date or within the operating cycle as defined in the Schedule VI.
Example for explaining the meaning: Suppose interest on loan is payable quarterly starting November 01, 2012. The first interest would fall due for payment on February 01, 2013 and the second interest on May 01, 2013. While preparing financial statements for March 31, 2013, the first interest, if not paid, will be treated as interest accrued and due. As regards the second interest, the same would be due for payment in the next year, however, it has accrued for two months Feb and Mar. Hence the portion of interest (Feb and Mar) would be treated as accrued but not due.
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