Entry in books of accounts for loan given to ceo of company

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Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2015 The CEO has taken loan of RS.20000/- what entries i need to pass in the tally and He is not going to return this loan to company. So under what head of accounts i need to journalise the entry. Please tell me in detail.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 July 2015 You say it is a loan but not repayable why. Then it will not be treated as loan.
Book it under expenditure head.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2015 Thank You Sir,
Mine company is Partnership firm loan taken by CEO(and he is also family member of owner). So, under expenditure head what accounting entry i need to pass. Is it sundry Expenses or Misc expenses.
1.Booking of expenses
Sundry or Misc exp a/c___ Dr
To XXX(Person Name A/C)
2.Payment of those
XXX(Person Name A/C)___Dr
To Bank/Cash A/c

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 July 2015 Book it under salary/interest payment which is allowed as per partnership deed.

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Entry in books of accounts for loan given to ceo of company

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