Question
S Ltd. took a loan from the bank for 10,00,000 to be
settled within 5 years in 10 equal half yearly instalments with interest. The first instalment is due on 30.09.2021 of 1,00,000. Determine how the loan will be classified in preparation of Financial Statements of S Ltd. for the year ended 31st March 2021 according to Schedule III.Solution
Answer: d. Short term borrowings 2,00,000; Long term borrowings 8,00,000 In the given case, instalments due on 30.09.2021 and 31.03.2022 will be shown under the head 'short term borrowings' as current maturities of loan from bank as per Schedule III. Therefore, in the balance sheet as on 31.3.2021, 8,00,000 (1,00,000 x 8 instalments) will be shown under the heading 'Long term Borrowings' and 2,00,000 (1,00,000 x 2 instalments) will be shown under the heading ' short term borrowings.'
When the “Sarva Shiksha Abhiyan” was launched?
Which bank has entered into a partnership with ITC Limited to offer the bank’s lending products and services to farmers who are a part of ITC’s ag...
Who is the author of the book “On Board My Years in BCCI”?
What is the primary purification technology used in GAIL’s CBG plant in Ranchi?
Consider the following statement about Pradhan Mantri Kisan Samman Nidhi (PM-KISAN):
1. Prime Minister recently distributed the 15th installmen...
India's fourth nuclear-powered ballistic missile submarine (SSBN), launched in October 2024, is equipped with which missile?
Recently which public sector petroleum company would invest Rs 740.2 crore in raising the capacity of its Digboi Refinery in Assam from 0.65 million ton...
Dinkar Gupta has recently been appointed as the Director-General of the NIA, He was a former DGP of?
Which company received an in principle authorization from RBI to operate as a payment aggregator?
Consider the following statements:
I.                   I.Chief Minister Bhupendra Bhai Patel launched a scheme on maternal n...
