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Secured Loans

This query is : Resolved 
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(Querist)
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
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arunkumar

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arunkumar (Expert)
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.
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