Interest free unsecured loan
This query is : Resolved
27 October 2009
Can a partnership firm take interest free unsecured loan from an individual / private party. What is its treatment in books of accounts and for tax purpose??
Please clarify
Please clarify
28 October 2009
Yes Firm Take interest free loan.
28 October 2009
Accounting entry:
Cash/Bank Dr.
To Lender A/c
For Tax you have to get the PAN and name and address of the lenders to prove the genuineness of the loan.
Cash/Bank Dr.
To Lender A/c
For Tax you have to get the PAN and name and address of the lenders to prove the genuineness of the loan.
28 October 2009
agree
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