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Settlement of loan

CA Vineet Dubey (Accounts) (160 Points)

24 January 2013

Hello frns,

I want to know about accounting & Tax treatment of below given problem-

Mr. sinha has a loan from a Bank of Rs. 1 Lac and due to some reason he is not paying any emi from last 1 year .However finaly bank settlement done @ 85 K by cash.

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9 Replies

Kanak Goenka (Article Assistant) (150 Points)
Replied 25 January 2013

Transfer the difference in P & L a/c...

GANESH KUMAR KASHYAP (Private Job) (206 Points)
Replied 11 February 2013

what is depreciation & how to calculate depreciation in fixed assets & how to entry in tally erp 9?

CA Vineet Dubey (Accounts) (160 Points)
Replied 15 February 2013

Dep is a revenue loss.

Entry should be passed in journal entry (F7)at 15% for machine & plant, 10% Furniture, 60 % computer as per I.T. Law -Entry

Depreciation a/c (ind. exp) Dr

to Fixed Assets A/c

GANESH KUMAR KASHYAP (Private Job) (206 Points)
Replied 19 February 2013

i have a mobile phone. how to depreciate it?

GANESH KUMAR KASHYAP (Private Job) (206 Points)
Replied 19 February 2013

i have a mobile phone for rs. 12000. i purchased it last 3 years. how to depreciate it?

GANESH KUMAR KASHYAP (Private Job) (206 Points)
Replied 19 February 2013

what is capital? Is Capital, Assets

GANESH KUMAR KASHYAP (Private Job) (206 Points)
Replied 19 February 2013

my education qualification is 12th pass. can i study for c.a.?

Kanak Goenka (Article Assistant) (150 Points)
Replied 20 February 2013

Ganesh, Plz don't try for C.A. if u dont know what is CAPITAL.........u r 12th cleare and u dont know about capital

GANESH KUMAR KASHYAP (Private Job) (206 Points)
Replied 20 February 2013

I know about the Capital, but I want to increase knowledge of the Capital. so please explain about capital,

this is the definition of capital

"In simple word, capital means that amount or asset which is invested in business by businessman or owner of business. When the business is closed, after paying outside creditors, balance amount will be his capital which he can obtain. "