Closure of Secured Loan Account

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Quick Summary

This discussion addresses how to adjust a pending balance shown in the books after a vehicle loan has been fully repaid. It suggests that a reconciliation issue from previous years might be the cause. The advice is to obtain the full loan statements to verify if any outstanding amounts remain and to ensure proper reconciliation of past statements.

thotasrinivas

thotasrinivas (Querist)

13 May 2020 We closed vehicle loan through payment of all EMIs but in books shown pending balance , how to adjust and tell me the closure account proceedings in Books of accounts.

Thanking You...

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

13 May 2020 What is the difference , there may be some entry which is missing reconcile from loan repayment statement

thotasrinivas

thotasrinivas (Querist)

14 May 2020 in previous years not reconciled properly due to that after clearing loan there is some balance amount shown as due to pay in Books of accounts.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

21 May 2020 We can ask the full loan statements and see if there is any outstanding payable. If no O/S is there you might have not reconciled the statements properly.

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