Payment of unsecured loans
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2011
can unsecured loan of rs. 25000 paid by sale of goods by the assesse? because i know unsecured loan can be paid in cash/account payee cheque..can it be paid in exchange of goods?
03 December 2011
You will pass the following entry while paying the unsecured loans:-
Unsecured Loan A/c Dr.
To Sales.
This implies unsecured loan is included in your sales i.e. your income.
Once unsecured loan is offered for income, there is no chance that it will be included again.
Implies that unsecured loan can be paid through sale of goods.
Unsecured Loan A/c Dr.
To Sales.
This implies unsecured loan is included in your sales i.e. your income.
Once unsecured loan is offered for income, there is no chance that it will be included again.
Implies that unsecured loan can be paid through sale of goods.
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