example a person cash loan from rs:19,000 * 20 different persons total rs:3,80,000/- received
but a person loans from different persons account head create
loan from different person rs:19,000
loan from different person rs:19,000/-
loan from different person rs:19,000/-
remaining 17 persons total rs:3,80,000/-
question:
a person above mentioned loans from different persons accounting entry passed in books accepted in it act.
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Accounting entry for un secured loans from different persons
Replies (2)
Quick Summary
Tax Benefits on Business Loan – At a Glance. Business loan interest amount is tax exempted; Principal loan amount is not tax deductible and do not offer any tax benefit; The interest paid on a business loan is usually deducted from the gross income; Personal loan taken for business purposes is also tax deductible; Helps in the reduction of total tax amount to be paid
Bank a/c 3,80,000
To unsecured creditor 1a/c 19000
To unsecured creditor 2 a/c 19000
.
.
To unsecured creditor 3 a/c 19000
Then financial liabilities are measured at amortised cost.
I dont know the tax exemption entries for principle, but normal repayment will be
By Unsecured creditor 19000
By interest 1000
To bank 20000
and you will calculate corporate taxes accordingly
It is very much clear that to avoid IT implications , such entries are.bifurcated in 19000 each. If you have valid documents and reason , you can definitely eligible.
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