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Treatment in books of account - reg

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(Querist)
13 September 2013 Hi,

The directors has taken a sum of Rs.12 lakhs for their son marriage hall booking payment.
(all through chq).
The company balance sheet (Liability side) shows director loan rs.40 lakhs.

In this regard my question would it be possible to set off the above 12 lakhs into loan a/c.


Thanks in advance,
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
13 September 2013 yes. You may consider showing the Cheque payment of Rs 12 Lakh as repayment against the Rs 40 lakh director loan.

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