Bank secured loan adjustment against bank current account
This query is : Resolved
bhushan gupta
(Querist)
18 August 2011
A company has outstanding loan of Rs.5crore of a private bank (hdfc bank) and have current account balance of Rs.3 crore. Whether company of 31.03.2011 can net off the loan with current account balance in the balance sheet. If not, what are the likey consequences if company insist to do that?
CA Pushpendra Gaur
(Expert)
27 September 2011
No, both the accounts are having different nomenclature and r required to be shown under different heads for true and fair presentation of accounts
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