Hi, I had a question regarding writing off unsecured loans from a private limited company.
The company is not having any transactions for the past 3 years and has an unsecured loan of 1 crore which was borrowed from a director of the company. It is a loss-making company.
Now that the loan cannot be repaid and no transactions are happening, we are opting to close the company. What is the ideal way of writing off the unsecured loan?
CAclubindia
