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Loan Paid by the director on behalf of the company and it's paid by director's personel savings account. How it's accounted and what are the document maintain by the company.


BALAMURALI UNNITHAN M S

BALAMURALI UNNITHAN M S

CA Inter

2K+

23-Mar-21 21:01

13

Answers (6)

It is now a loan from the director. So director and company will have an arrangement - sort of a loan agreement. Entry will be Debit original loan account and credit Loan from director account.


Sriram Somayajula

Sriram Somayajula

Admin

24-Mar-21 14:25

I briefly explain the query , the company have a credit of Rs.3000000 to one of the party. Its paid by the director from his personel savings account. How its adjusted in the account & any document is maintain for the same?


BALAMURALI UNNITHAN M S

BALAMURALI UNNITHAN M S

CA Inter

2K+

24-Mar-21 21:30

Kindly Replay.


BALAMURALI UNNITHAN M S

BALAMURALI UNNITHAN M S

CA Inter

2K+

25-Mar-21 21:19

Kindly Replay.

Please share what you think are right entries based on our explanation above and we shall correct your entries


Sriram Somayajula

Sriram Somayajula

Admin

26-Mar-21 10:53

Sir , its the receipt entry , the loan is not received through bank account.its 30 lakhs. So only cash entry is applied,then how pass the cash receipt , section 269 SS of IT Act applied?


BALAMURALI UNNITHAN M S

BALAMURALI UNNITHAN M S

CA Inter

2K+

28-Mar-21 20:43

Sir , its the receipt entry , the loan is not received through bank account.its 30 lakhs. So only cash entry is applied,then how pass the cash receipt , section 269 SS of IT Act applied?

If you are handling a real life case involving all these complexities, we suggest you to take help of a practising chartered accountant and a company secretary.


Suraj Lakhotia

Suraj Lakhotia

Admin

29-Mar-21 15:24

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