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Bank loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 November 2014 bank loan existed in 1st year itself but financial statements were prepared without such loan, interest not claimed, this yr client gives the loan statement and asks to show loan also, all loan proceeds were used in business not capital acquisitions, now what entry to pass that loan in books?
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
23 November 2014 I feel very sorry. How your last year's Balance Sheet tallied whenthe loan was used in the business?
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Querist : Anonymous

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Querist : Anonymous (Querist)
23 November 2014 It actually a proprietorship firm and capital a/c was used for any difference,
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