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Divya (student) (32 Points)

13 September 2017

we Have a creditor from outside India amounting RS.27laks in the Balancesheet of 2016-17, that was actually the closing balance in fin year 2015-16 which is still payable. so Does it require any documents or any disclosure in the Balancesheet of 2016-2017?

Note the companies turnover is 2CR

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5 Replies

Spurto Consultancy Services (Consultant) (1891 Points)
Replied 20 March 2020

You need to mention that creditor more than 1 year in your balance sheet. Hence instead of showing as trade payable under current liabilities, you can report under Long Term Liabilities.

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