Transfer of creditors in companies
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 February 2010
Company is not doing any business from A.Y. 2005-06 but wants to transfer creditors in director's personal A/c so what procedure should be followd?
M Prabhakar Menon
(Expert)
11 February 2010
The proper thing to do is bring in the money as unsecured loans/share application money and pay the creditors If the director settles the creditors dues himself u may close the subject creditors a/c by transfering the balances to the directors personal account.
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