Interest on loan

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84 Points Posted on 13 December 2020
i have two firm, both are under same proprietor,
i have unsecured loan in firm 2
can i pay interest on unsecured loan from firm 1
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On 13 December 2020 at 20:01 Report
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Quick Summary
This discussion explores the possibility of one company paying the interest on an unsecured loan taken out by a second company, provided both firms share the same proprietor. The consensus is that this is permissible, with a strong recommendation to maintain meticulous accounting records for transparency and future reporting. Adjustments can be made via the capital accounts.

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Tax consultant
5895 Points Posted on 13 December 2020
Yes as per me you can
but just maintain proper books of account regarding this for future calculation and reporting
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On 13 December 2020 at 20:32
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Accountant
3662 Points Posted on 13 December 2020
You can pay through capital account adjustment s
1 Reply
On 13 December 2020 at 22:59
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84 Points Posted on 14 December 2020
Thanks
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On 14 December 2020 at 18:09

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