How do do accounting of personal loan
Eg- taken personal loan of 500000
Exclude processing and other charges.
At Roi-19%. Tenure 48 month .how do i kepp this loan account
shaikh sahid (31 Points)
17 February 2023How do do accounting of personal loan
Eg- taken personal loan of 500000
Exclude processing and other charges.
At Roi-19%. Tenure 48 month .how do i kepp this loan account
CA Altamush Zafar
(GST Consultant)
(15907 Points)
Replied 17 February 2023
shaikh sahid
(31 Points)
Replied 17 February 2023
But that loan has come in my business account and i am using it for business then what should it be
CA Altamush Zafar
(GST Consultant)
(15907 Points)
Replied 17 February 2023
But the nature of loan is still personal. If you are using this loan in business then ideally it will form part of your capital and then expenses on such loan will be treated as drawings as mentioned earlier
CAclubindia
