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Loan settlement ..

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 August 2011 one company had a bank loan of Rs. 20,00,000.00 & interest payble there on is Rs. 10,00,000.00.company made one time settlement to settle the loan by paying Rs. 10,00,000.00
Then what should be the accounting treatment.
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Kumar Babu.G

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Kumar Babu.G (Expert)
17 August 2011 Bank Loan a/c Dr
Interest Payable on Bank Loan a/c Dr
To Bank a/c
To Waiver of Loan amt(Income) a/c

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