Spilt of term loan into current and non - current liabilites

This query is : Resolved

CA SONIYA AGARWAL (Querist)
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11 February 2015 I took a vehicle term loan , so as on 31.03.2015 , the term loan is to be spilt into current and long term liabilities , the portion of term loan repayable within a year will be classified as current liabilities and beyond one year it will be grouped under long term liability , so what shall be basis of division
is it the EMI amout to be grouped into current and non - current liabilities or the principal amount ignoring the interest

Amol S Joglekar

Amol S Joglekar (Expert)
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11 February 2015 the principal amount is to be broken into CURRENT and NON CURRENT.
e.g. balance as on 31/03/2015....1,00,000
after paying all the EMI for 2015-16 what is going to be the balance as on 31/03/2016...say 80,000

So 1,00,000 to be split as 20,000 current and 80,000 non current.

Figures are in INR