Capital account

This query is : Resolved

DEVENDER THAKUR (Querist)
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04 June 2010 Hi Sir,
In the financial year 2009-10 I had issued a cheque against unsecured loan by mistake while the loan was already cleared in 2008-09. The unsecured loan was of the sister of the capital holder. Now the account of the unsecured loan is showing debit. Now how can this be rectified? Can I show the chq issued as gift to the sister?. If not. then please tell me what is the provision for that?

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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04 June 2010 what is the problem is passing a rectification entry

pass rectification entry

Bank A/c Dr.
TO unsecured loan

DEVENDER THAKUR

DEVENDER THAKUR (Querist)
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04 June 2010 but sir, for that we have to receive the chq from the unsecured loan a/c holder. Is it not better to show it gift to sister?

CA Shiv

CA Shiv (Expert)
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04 June 2010 Yes you can show as gift but if she earns any income from it than it will be clubbed in your income....

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