Loan to partner from llp
This query is : Resolved
02 August 2013
Can a partner take a loan from LLP?
Can Loan amount exceed partner's share of contribution ?
In Balance Sheet where it has to be shown?
Can Loan amount exceed partner's share of contribution ?
In Balance Sheet where it has to be shown?
02 August 2013
Ans 1. Yes
Ans 2. it depends on partners and deed made by them.
Ans3.it shown under non current liabilities if rev sch6 is adopted.( if the duration is more then 1 year ) else under current liabilities.
else show under unsecured loan if rev sch6 is not adopted.
Ans 2. it depends on partners and deed made by them.
Ans3.it shown under non current liabilities if rev sch6 is adopted.( if the duration is more then 1 year ) else under current liabilities.
else show under unsecured loan if rev sch6 is not adopted.
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