Accounting entry

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amit lalwani (Querist)
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30 December 2014 Please suggest an accounting entry

A director has purchased a property which is fully financed by Standard Chartered Bank,

Now, the director pays the EMI on monthly basis

NOw the BAnk (HDFC) of the company in which that person is the director, approaches the Company, that the bank (HDFC) will take over the existing loan of the director,

HDFC pays the loan to SCB of the director, and fianlize a agreement in the name of the Company and now the company pays the loan amount as EMi

Please suggest the accounting entry in the books of

1) Comapny

2) Director

The property is in the name of Director