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Regarding unsecuerd loan query

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 January 2012 I have run a proprietorship firm from 1997. The firm beginning time I took the unsecured loan from my relatives. He deposited Rs. 65 Lac in my a/c & shown same entry in his Books. But that time unfortunately same entry shown in my books Rs. 61 Lac . Now we clear this entry in our both book
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
04 February 2012 Query is not clear. assumed you are short accounted the loan in your books, since loan taken from relative and not accounted Rs.4 lakh need to be shown & debit Drawings or Dr
:Capital a/c Cr: Unsecured loan a/c.
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