Capital account
This query is : Resolved
DEVENDER THAKUR
(Querist)
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?
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
(Expert)
04 June 2010
what is the problem is passing a rectification entry
pass rectification entry
Bank A/c Dr.
TO unsecured loan
pass rectification entry
Bank A/c Dr.
TO unsecured loan
DEVENDER THAKUR
(Querist)
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?
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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