Loans from directors
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 June 2014
If a Private Limited Company, has taken loans from its directors and we need to audit the same, what are the list of documents which we must obtain on this front?
CA Sumit Arora
(Expert)
10 June 2014
Dear,
In this case you can check the following documents.
1) Bank statement of the private company.
2) Declaration submitted by director stating the fact that he has not borrowed this money by way of loan. He has given this money to the company out of his own funds.
In this case you can check the following documents.
1) Bank statement of the private company.
2) Declaration submitted by director stating the fact that he has not borrowed this money by way of loan. He has given this money to the company out of his own funds.
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