27 November 2014
Hi, we(Propritor firm)applied to bank for loan towrds godown construction in IDA place. bank loan given as home loan so how treated this loan & how to take loan, interest in our books. how we have to treat loan, interest and godown account in books , as per law.
29 November 2014
Sampat ji, thanks to reply. Can i show in B/sheet as liability, interest in p&l a/c, balances in proprietor firm. Loan=in B/Sheet, Interest= in PL a/c., loan repayment from firm to bank, interest less from tax liability in ITR.
29 November 2014
Can i show (Proprietor house loan) loan liability in B/Sheet, Interest in P& L a/c., Less interest ,repayment from TAX Liability while IT returns.
CAclubindia
