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Advance against Supply of Goods and Services, Corporate Laws / SEBI / LLP |
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Advance against Supply of Goods and Services |
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Dear Experts, A newly incorporated Pvt Ltd Company had taken interest free advances for from its holding company during 2012-13. the advance was taken for meeting its expenses. The Pvt Ltd Company was engaged in sourcing long term coal supply for upcoming power plant of fellow subsidiary. The plant is yet to be operational. Whether the amount shall be treated as deposit under the Companies Act 2013. Kindly opine. Shyam Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
In my view it should fall under Loans and Advances Account in Balance Sheet.
I agree with the views of Sh.Ganeshan Kalyani Sir. Otherwise also the terms 'Advance' and 'Deposit' are contradictory.
It will be termed only as loan and not as deposits. Page: 1 Old Query - New Comments are closed. |
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