269ss & 269t
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2012
suppose v advanced loan of rs. 2,500,000 in april and accepted loan of rs. 7,500,000 in may from same person..repaid loan rs. 3,000,000 in succeeding month...wat ll b laan accepted & repaid & maximum balance....
14 March 2012
Loan accepted is Rs. 75,00,000
Repaid is Rs. 30,00,000
Balance is Rs. 45,00,000.
However, if you set off the loan accepted and loan given, then the closing balance will be Rs. 20,00,000/-
Other figures shall remain same.
Repaid is Rs. 30,00,000
Balance is Rs. 45,00,000.
However, if you set off the loan accepted and loan given, then the closing balance will be Rs. 20,00,000/-
Other figures shall remain same.
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2012
Maximum Balance in this case would be Rs. 5,000,000 not Rs.7,500,000 ???
15 March 2012
That depends on WHEN you pass the entry for set off.
If you pass at the time of receipt of Rs. 75,00,000 ,i.e., you show that Rs, 25 lakhs is repayment and Rs. 50 lakhs is loan then the amount of loan accepted will be Rs. 50 lakhs.
If however you set off the loan at the time of payment of Rs. 30 lakhs, then the amount of loan accepted will be Rs. 75 lakhs.
If you pass at the time of receipt of Rs. 75,00,000 ,i.e., you show that Rs, 25 lakhs is repayment and Rs. 50 lakhs is loan then the amount of loan accepted will be Rs. 50 lakhs.
If however you set off the loan at the time of payment of Rs. 30 lakhs, then the amount of loan accepted will be Rs. 75 lakhs.
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