While preparing final Accounts - should all the NOTES be mentioned as appearing in Scehdule VI? For e.g. if a company does not have long term borrowings - do we need to show Long Term borrowings and write NIL or is it ok to skip it.....
1 Replies
mohit kumar
(student)
(126 Points)
Replied 26 September 2012
Dear Kiran,
There is no need to prepare notes if the place to be filfilled is to be kept empty. Clearing your doubt quoting your own example, if you dont have long term borrowings, then neither you need to prepare any note for that nor u need to fill that figure with "NIL". All you need is just to skip it.
Hope this solves your query. Goodluck dear. 
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