IndigoLearn

Forums

All Topics Accountancy Auditing Corporate & Other Laws Direct Taxation Indirect Taxation Financial Management Economics Costing Strategic Management Maths & Stats Exams Others AFM Financial Reporting CFA Level I

Financials Preparation

Corporate & Other Laws

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

CA Inter

★ 3K+

23-Mar-21 21:01

279

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

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?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

24-Mar-21 21:30

Kindly Replay.

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

25-Mar-21 21:19

Thread Starter

Balamurali Unnithan M S

Kindly Replay.

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

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?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

28-Mar-21 20:43

Thread Starter

Balamurali Unnithan M S

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.