Hello frnds,
As per revised Schedule VI the term “sundry debtors” has been replaced with the term “trade receivables.” ‘Trade receivables’ are defined as dues arising only from goods sold or services rendered in the normal course of business. Hence, amounts due on account of other contractual obligations can no longer be included in the trade receivables.
Can some one explain me the term Contractual obligation broadly.
CAclubindia
