My company received unsecured loan from a company, but now the company is strike off, due to that i want to write off unsecured loan that is standing in my company , but not clear how to write off and also not clear about whether it is taxable or not.
Thanks for reply.
you can pass following entry in the books of accounts to write of loan .
Unsecured loan A/c Dr
To Unsecured loan written off A/c Cr
( being loan written off)
show unsecured loan under indirect income in profit & loss a/c
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