Loan from SBI

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2011 dear sir, my client, who is a doctor wants to buy a ready made house worth Rs.1500000/-. he wants to take loan Rs.10 lakhs,from SBI. the bank Manager wants a project report. what accounts or statements should i prepare?

Client not covered u/s44AB.

U S Sharma

U S Sharma (Expert)
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01 June 2011 Bank wants to get creditability report of their loan and its repayment.

you have to make last 2 years P/L and balance sheet in reconcilation with his returns filed, and next 2 years projected P/L and balance sheet, where the provision of repayment of loan interest and principal is mentioned,

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Querist : Anonymous

Querist : Anonymous (Querist)

02 June 2011 thank you sir.

i have also prepared a repayment schedule,along with projected balance sheet for FY 2011-12 and estimated bs for FY 2012-13.

when do we have to furnish the Cash flow,fund flow st. and the different ratios comparativeness?

U S Sharma

U S Sharma (Expert)
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02 June 2011 for personal loans cash flow/ funds flow is not applicable. as in personal accounts there is no provision for sundry debtors/ sundery creditors.

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