Car Loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 August 2010
Hi
Respected Members
Can any one tell me?
i am doing tax audit of PVT. LTd. in such company car loan taken on director's name and used for business purpose.
But it is shown as loan taken from director but shown as loan taken from bank.
So what to do for adjustments?
is it right or wrong?
Respected Members
Can any one tell me?
i am doing tax audit of PVT. LTd. in such company car loan taken on director's name and used for business purpose.
But it is shown as loan taken from director but shown as loan taken from bank.
So what to do for adjustments?
is it right or wrong?
30 August 2010
It should be shown as a loan from the Director in the books of limited company.
If you have booked it as loan from the bank then you should reverse it by debiting the bank loan and crediting loan from director.
If you have booked it as loan from the bank then you should reverse it by debiting the bank loan and crediting loan from director.
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