broker a/c should be shown under which group in current assets [loans * advances or debtors]?
CA CS CMA Srinivasan N
(ACA, ACS, CWA Inter)
(1172 Points)
Replied 12 May 2011
Hi,
Broker charges are in the nature of investment costs and are not part of trade debtors. As per the revised Schedule VI of Companies Act, 1956, the broker a/c if in debit should be shown under other current assets and if payable to be shown under Other current liabilities.
Rgds,
Srinivasan
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