In which heading the Unsecured Loan taken from Partnership firm by a private limited company to be shown as per revised schedule VI where partner of firm & directors are same.
Menu
Loan from partnership firm to pvt. ltd. company
Replies (1)
Since the partners of the firm and the directors of the PVT LTD company are same, the partnership company becomes a related party. Accordingly, the loan from partnership firm will be shown as Loans and Advance from related party under Long Term Borrowing iin Non Current Liability if payable after 12months as on balance sheet date or under Short term borrowing in Current Liability if its is payable before 12months/on demand
Recent Topic
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
Related Topics
CAclubindia
