Loan amount
This query is : Resolved
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.
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.
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
The impact if substancial should be seeratly shown
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- Tds on commission charges
- Minimum tax payable to file Updated return
- FAST-DS Scheme - Foreign Assets
- Renovation exp. in flat by family member
- CHECK RELATED
- Change Of Karta In Case of Death
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- TDS Challan - change of FY 2025-26 to TY 2026-27
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
CCI
Pro
CAclubindia
