Company “A” was wounded up in 31.12.2010; Owners are “Jack” & “Jill”
Liabilities of Company “A” amounting to Rs. 100000 was paid by Company “B” on Feb 2011
Company “B” is owned by “Jack” one of the owners of Company “A” and will not share the liability
As Company “A” is wounded up, the loan of Company “A” from “B” is paid in installments of Rs. 2000 by Company “C” from 01.03.2011 (entire loan repayment will be made by this company)
Company “C” is owned by “Jill” one of the owner of Company “A”
Now the requirement is repayment of loan, should not affect the financials of Company “C”, meaning what are the entries to be passed in Company “C” books so that the loan repayment will not affect its financials, like treating it as loan or something
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