about loan
This query is : Resolved
08 April 2009
our firm is partner ship firm the partners have withdran 50000.00from firm and made fd in their names.Bank has given the firm loan against 50000.00 fd.
should i account the laon as capital brought by partner OR loan under liablity
should i account the laon as capital brought by partner OR loan under liablity
CA.Tarun Maheshwari
(Expert)
08 April 2009
Loan shall be treated as loan under liability.
CA Nitin Wadhwani
(Expert)
08 April 2009
Loan will be treated as loan only but the amount withdrawn by partners for FD is Drawings.
10 April 2009
i support the experts
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