DEAR EXPERT,
We take loan from companies. Now, we want to sale of goods against loan outstanding amount.
Can we adjust loan amount against sales of goods?
if yes please give supportes law/section/case studies.
Beacause as per our auditor, " we can't sale of goods against unsecured loan. beacuse in tax audit report show that how to laon paid".
for example.
we take loan from x rs 10,00,000 in 2016
now loan amount with interest is Rs 11,80,000. we sales of goods for Rs 11,00,000.
then we want adjust Rs. 11,00,000 against loan by pass a journal entry.
CAclubindia
