How are unsecured loan treated in the books of the doner and the recepient?
How will they treat them at the time of repayment or writeoff?
Is the provisions similar to that of gift?
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Unsecured loan
Replies (2)
Unsecured Loans would be treated in the books of Payer as Loans and Advances. They can not be wirtten off in normal course. On repayment entry is reversed. Gift is entirely different transaction.
thank you sir
but what will the consequenses if the amount is unpayable?
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