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ACCOUNTING TREATMENT FOR LOAN GIVEN TO EMPLOYEE

This query is : Resolved 
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(Querist)
15 June 2020 dear experts,
pls let me know about the act for giving interest free loan of Rs. 40000 to an employee. How it can be treated in accounting books or we can give the same as advance salary. Employee will repay it from monthly salary for 20 months. Kindly confirm what will be appropriate?

thank you
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c.bakshi

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c.bakshi (Expert)
16 June 2020 ITS COVERED UNDER LOAN AND ADVANCES. TRANSFER 40000 INTO IT AND REDUCE THE AMOUNT AS AND WHEN ITS GET REDUCED.
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