excess loan can be transfer to reserve?

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CA Dipak (Querist)
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22 January 2008 hi
x company took loan of 5 crores.after some period he paid 2 crores to bank.now he want to settlement with bank for remaining 3 crores rs.bank agree for a same.and 2 cr.Rs paid to bank as final amount of loan.
My quries is :
1.what will be entry in books of x company ?
whether outstanding 1 cr.transfer to reserve or it transfer to profit and loss a/c?
2.and what will tax effect of this.
whether it is addback and tax will cal.
on 1 cr. or not ?

3.what will be position in case of individual ?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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23 January 2008 This is a repeat question which has already been answered

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