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Loan adjustment

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 September 2012 i have a car loan of rs 500000 but it is settled in 280000 and paid 280000.what is treatment of rest 120000 ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
03 October 2012 Assuming you are a sole proprietor:

Car Loan A/c Dr 5,00,000
To Bank A/c 2,80,000
To Loan written off 1,20,000

Loan Written Off A/c Dr
To Capital A/c
(Being amount of loan written off transferred to capital A/c)
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Arun Biyani

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Arun Biyani (Expert)
09 October 2012 280000+120000 is 4,00,000. first tell me what u did with 1,000,00 rupees.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 October 2012 Loan written off shall be Rs. 2,20,000/-.
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