Unsecured loan from director

Pvt ltd 3706 views 5 replies

Nirav Shah

108 Points Posted on 28 November 2012

DEAR EXPERTS, CAN A PVT. LTD. CO. TAKE UNSECURED LOANS FROM ITS SHAREHOLDER, DIRECTORS AND FROM THE RELATIVES OF THE DIRECTORS AND SHAREHOLDERS

Read more at: /forum/unsecured-loan-from-directors-and-shareholders-86100.asp#.ULYNia7qYx4

Dear Experts,
In which heading the Unsecured Loan taken from directors by a private limited company to be shown as per revised schedule VI.

Ihich heading the Unsecured Loan taken from directors by a private limited company to be shown as per revised schedule VI

Read more at: /forum/loan-from-directors-in-revised-schedule-vi-198054.asp#.ULYOiK7qYx4

Replies (5)

S Jananikrishna

Learner

219 Points Posted on 29 November 2012

It can be considered as curent liability normally it will be repayable within in one year, hence under unsecured loans - loan from directors unsecured to be shown separately...

suppose if there is no payable limit mentioned and unsecured too, den short term borrwings unsecured also we can show it need to have a separate head as Loan from directors...

Pls correct me experts, if am wrong

Nirav Shah

108 Points Posted on 29 November 2012

Can we consider it as long term loan from related party.

CS Ankur Srivastava

Company Secretary & Compliance Officer

17858 Points Posted on 29 November 2012

Loan Term Borrowings unsecured from related party.

CS Ankur Srivastava

Company Secretary & Compliance Officer

17858 Points Posted on 29 November 2012

Deposit from directors shall be considered as Long Term Borrowings Unsecured from Related Persons, in case of Private as well as Public Companies.

Deposit from others shall be classified as Long Term Borrowings Unsecured Deposit in case of Public Company and Long Term Borrowings Unsecured others in case of Private Company.

Loan Term Borrowings unsecured from related party.

Read more at: /forum/details.asp?mod_id=229141&offset=1#.ULdVnmf-anA

Tanveer Md Masood

Indispensable

361 Points Posted on 29 November 2012

unsecured loans are bsaically those loans which have been taken without giving any proper and accpetable security or mortage from the lender or the fianacial institution. It is generally shown under long term benefits headings of the balance sheet.

regards

Tanveer Md Masood