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Loan amount

This query is : Resolved 
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(Querist)
18 August 2009 Dear sir,

There is a Term loan of Rs. 1 crore taken from a bank dated 04/07/2007 for the trust.
The bank has not given credit to our Trust Account.

The loan has already been utilised for the purpose of purchase of land and paid in the form DD for full amount.

The loan has been not reflected in the books of account for the FY 07-08 onwards till the FY 09-10.
What is the accounting treatment to be given in the books due to error of omission?

pls guide in this regard at the earliest.

with regards,

R. Gurucharan.
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
18 August 2009 The same entry which you would have parked in the year in which loan is taken.

The impact if substancial should be seeratly shown
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