A person "X" who is an NRI gave a loan to a friend "Y" in good faith of Rs. 15,00,000/- in India in Indian Rupees. Y took the loan for a proprietory concern ABC which belonged to a student of Y. Now, ABC is running into losses even though the loan was taken and expenses was incurred against the loan in ABC concern. Now, Y wants to incorporate this loan taken by X in the books of a pvt. Ltd. Company owned by Y himself, in which he is a director. No cash inflow outflow has to be shown. Please advise how can the loan appearing in the books of the loss making concern ABC can be transferred in the books of Y's Pvt. Ltd. Company? Can this be done through accounting entries? or is Slump sale a good option for Y's Pvt. Ltd company to buy ABC in slump sale agreement for a nominal consideration? Or can a bill of instrument can be used here by ABC to pass the loan to Y's comapny?

My college is in Asansol and I wanted to do articleship in Kolkata? how can I do?

I am working in proprietorship. I want to ask that can I book expenses made on Proprietor's home and farm hose i.e. rent of genset under 'proprietor drawing' account. But if i do this than capital will be decrese.

Read more at: https://www.caclubindia.com/forum/proprietor-s-expenses-349626.asp

journal entry for:

loss from short term capital gain & long term capital gain? as well as gain from short & long term?

how to show in proprietor books of accounts? help........

Dear All,

Greeting of the day..Kindly clarify my doubt..earth moving machine - JCB treated as vehicle or asset in a manufacturing unit.

Regards

M.RamKumar

DEAR SIR,
i AM IN CA FINAL. Do we need to refer old accounting standards along with IND AS in may 2016.
Thanks in advance.

Employer Gifted exactly Rs.5000/- Is it Taxable

sir, what is the meaning of provision for tax plz help me

i got a bill for courier charges in which i have to pay Rs. 43149.on 31/10/2015
i made payment of Rs. only 38355 through chq. on 20/11/2015. and rest amount is pending with me till date?
now my question is how i make the entry in tally???????

assessee has not received refund for a.y.2009-10..... he has made enquiry in Income tax office.officer replied that refund has been dispatched from office to banker in a.y.2010-11 bt Banker doesnot issue d same to the assessee....in this case what steps to be taken by assesses as refund amount is huge.....early reply is solicited....thanks in advance...