Showing of disputed machinery loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2015
my client has avaied a machinery laon for importing machinery but after making of payment by finance company to china no machinery was imported as the supplier disappeared and a fraud occurred.the supplier was recommended by the financing company.my client has put a case in court as no machinery was supplied.
should i show this loan as zero and show it as contingent liability?
should i show this loan as zero and show it as contingent liability?
12 December 2015
If the company is liable to bank for the loan, loan cannot be made zero
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