Hello -
Private Limited company has loan of 8 lacs on books from a person who used to be Shareholder in company. Now they are no longer shareholder.
- Is it fine if this loan continues on books going forward ?
- They are very old and no longer have a bank account for us to do reverse entry also. What is the best way to remove it on books? Can they take cash or can they provide a letter / paperwork saying they are not owed anything or they are fine if loan is transferred on another shareholder name?
Please let me know the easiest way/ paperwork to fix this that won't be an issue
Thank you!
CAclubindia
