Accounting treatment
Querist : Anonymous
Mr. X and Mr. Y are running proprietary firms Mr. Y has taken loan of 60 Lakh in which he has cleared the loan of 20 Lakh of Mr. X and rest 40 lakh was credited in Mr. Y account. However Mr. X will not return the 20 Lakh to Mr. Y
Pls tell me the accounting treatment for the same.
Thanks & Regards
Vishu jain
Querist : Anonymous
Mr. X is brother of Mr. Y,
Mr. Y has taken loan of 60 lacs say from HDFC bank. Earlier Mr. X also taken loan of 20 lacs from the same bank. On approval of Y's loan of 60 lacs HDFC bank has deducted Mr. X's loan 20 Lacs and rest 40 Lacs credited in Mr. Y's account,
However since Mr. X is brother of Mr. Y hence Mr. X will not return the 20 Lacs to Mr. Y,
In this case what will be the accounting entries
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