Sumit's Expert Profile

Queries Replied : 3

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A qualified practising Chartered Accountant successfully practising at Aggarwal & Associates, Chartered Accountants having its office at Dwarka, Sector 22, New Delhi providing all kinds of services which a chartered accountant is legally entitled to perform.

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Vijit says : Loan Waiver
Thank you for your valuable comments. As you said, loan principal amount will be credited to P&L A/c, I would like to know why it should be credited to P&L A/c and why it cannot be credited directly to Capital Reserve A/c. If we Cr. P&L A/c, it will attract MAT Liability in Loss Making Co.