The auditor should take in consideration the loan transaction that have been SQUARED UP under clause III. Please elaborate with meaning of SQUARED UP.

Questions › Category: CARO › The auditor should take in consideration the loan transaction that have been SQUARED UP under clause III. Please elaborate with meaning of SQUARED UP.

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Bijay Babu Banstola asked 6 years ago

Question Tags: Clause III, Para 3

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Ravi Staff answered 6 years ago

Squaring up means nullifying position. that means if we buy shares and then sell them, selling means squaring up. in case of loan when we take loan and repay it, repaying means squaring up.
squared up till year end means repaying loan and nullifying outstanding portion till year end.