Urgent ( plz help)

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amit jain (Querist)
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30 April 2012 Dear All,

A Pvt. Ltd company is giving loan to director and the director is giving back its land to company for there use in return. Is any accounting entry should be passed in books of accounts of the company for payment of rent to the director or income from interest from director or it can be netted off against each other that means no entry in books of accounts ...
Plz guide.

Amit

Amol S Joglekar

Amol S Joglekar (Expert)
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30 April 2012 Accounting entry is passed per FINANCIAL transaction. Accordingly pass the separate entry for LOAN. Another entry for "RENT" Another entry for interest if any.

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