06 November 2009
One of the related party has taken loan last year and has repaid that amount. whether it should be included in the Related Party Transaction of current financial year or not do help me
07 November 2009
Your question is not clear. If I understand correctly, loan was taken in last year and repaid in the same last year. Then is is not required to be shown in Related Party transactions. And incase, the laon is taken in last year and paid in current year then the same is to be shown in Related Party Transactions
07 November 2009
As the related party repaid loan in last year itself , it is not related party transaction for the current year. As per AS we have to disclose only related party transaction taken place during the year only.
Guest
Guest
(Expert)
11 November 2009
If the repayment is made in the current year, then you should include it.
CAclubindia
