Loan Treatment
This query is : Resolved
RAKHI CHAUDHARY
(Querist)
14 July 2010
Loan taken by the relative of director for Co.from India Bulls Pvt.LTd.i.e. loan in the name of relative of director.It means co has taken loan from such relative
Repayment is done in the following manner:-
First EMI amt. transfer from Co's bank a/c to director relative's bank a/c and then repayment is done out of that a/c
Please tell me what will be the entries for above transaction?Also tell me whether co.will liable to deduct TDS on Interest amount paid to India bulls.
Repayment is done in the following manner:-
First EMI amt. transfer from Co's bank a/c to director relative's bank a/c and then repayment is done out of that a/c
Please tell me what will be the entries for above transaction?Also tell me whether co.will liable to deduct TDS on Interest amount paid to India bulls.
14 July 2010
the person will be treated as geenral creditor and entries will be accordingly
14 July 2010
Loan to relative Dr
Bank Cr
and on repayment opposite.
Loan wil be our asset
Bank Cr
and on repayment opposite.
Loan wil be our asset
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