Secured Loans
This query is : Resolved
02 December 2010
An assessee has taken a Bank Loan against hypothecation of Car for a period of 10 years....
is he required to show the amount repayable within one year by way of notes or within brackets below the Item in the Balance Sheet.
Thanks
is he required to show the amount repayable within one year by way of notes or within brackets below the Item in the Balance Sheet.
Thanks
02 December 2010
Hi Rishabh Jain
for above transaction the entry for
CAR A/c Dr
To
Shorterm loan or secured loan a/c
then we paid back the installments or total amout for loan we pass the this entry
Shorterm loan A/c Dr
To
Bank or Cash A/c
than we can close this A/C
jain one doubt that is this repayment period is 10 years why you want to pay in one year.
for above transaction the entry for
CAR A/c Dr
To
Shorterm loan or secured loan a/c
then we paid back the installments or total amout for loan we pass the this entry
Shorterm loan A/c Dr
To
Bank or Cash A/c
than we can close this A/C
jain one doubt that is this repayment period is 10 years why you want to pay in one year.
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