Kumar Gaurav (Going...to be C.A soon...) (1624 Points)
28 July 2010Dear All
Please light on this question it was asked by the interviwer from me on a Telephonic conversation.
Suppose you have a debtor amounting Rs. 5 lacs and it is your one year old debtor ok!
also we have a security deposit of Rs. 15 lacs from him/her then what will be your action on it with related to term "Ageing"
moreover, he said that TURNOVER is also relevent factor to this question.
but i was not answerable to him..........pl. clarify.
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14487 Points)
Replied 28 July 2010
its one year old it meens discontinue business. so we will adjust from security. so we calculate inyerest on security balance amount. if he continue business then it will reversed and adjust in future transactions.
Kumar Gaurav
(Going...to be C.A soon...)
(1624 Points)
Replied 28 July 2010
need more clarification please!
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