Question

Under the Co-operative Society, Fixed deposits should be shown under
Loans
Deposits
( Unsecured loans
Current Liabilities​

Answer 1

Under the Co-operative Society, Fixed deposits should be shown under Deposits

• A fixed deposit can be a either a current or a non-current asset as per accounting basis.
• Fixed deposits deposited for less than a typical year represent the current assets, while those deposited for more than an active year are typically non current.
• A FD represent a current asset as per the established guidelines and it will be seen under cash and cash equivalent. For the specific purpose of properly documenting FD in the balance sheet, years of sufficient maturity are immaterial.