I have a doubt. One of our company director has purchased a new flat in his own name on loan. But the bank loan is in name of his and his wife who is also a director in the company. EMI is being debited from both's individual accounts at 50% sharing.
Now my question is - since the flat is in name of one director only, fixed asset is appearing in his books only. Also the bank loan liability. Now how to account for the EMI which is being debited from other director' account?
Please advice.
CAclubindia
