Cash loans

This query is : Resolved

rajesh pokarna (Querist)
Follow

17 November 2014 i want to know the status of a loan taken in dec 13 from a partnerhip firm in which the only two directors are partners and the loan exists as on 31/03/2014 and the firm closed on 31/03/2014.the partnership firm has adjusted the loan given to the company as adjustement of capital accounts.

my query is how is it to be treated in the company books of accounts.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

17 November 2014 the liability in the books of the company will stand as it is except that the loan documentation should be renewed to make the individual partners as lenders instead of the firm.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

17 November 2014 the liability in the books of the company will stand as it is except that the loan documentation should be renewed to make the individual partners as lenders instead of the firm.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

svgovindaraju

Krishna Kumar A

Samruddhi Agrawal

R NATARAJAN

Amogh Gokhale

Subscribe Now

Cash loans

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Accountant

Manager- Finance and Compliance

Senior Executive

GST CONSULTANT