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Loan from Director

After the incorporation of a company on 2nd April, 2019, one of the directors resigned and another one joined on January 2020. So what's the treatment of loan from the resigned director for the year 2019-20?


Balamurali Unnithan M S

Balamurali Unnithan M S

CA Inter

2K+

04-Feb-21 18:56

23

Answers (6)

Please elaborate your query.


Suraj Lakhotia

Suraj Lakhotia

Admin

04-Feb-21 19:00

Director is resigned , company take loan from him ,we account this as loan from director or loan from other head , question arises becuse of now he is not a director in the company .


Balamurali Unnithan M S

Balamurali Unnithan M S

CA Inter

2K+

04-Feb-21 19:21

Hi sir


Balamurali Unnithan M S

Balamurali Unnithan M S

CA Inter

2K+

04-Feb-21 21:43

Hallo sir


Balamurali Unnithan M S

Balamurali Unnithan M S

CA Inter

2K+

05-Feb-21 10:06

Balamurali Unnithan M S

Director is resigned , company take loan from him ,we account this as loan from director or loan from other head , question arises becuse of now he is not a director in the company .

In the FY in which he was a director, it would be shown as related party loan with a note that the person had resigned from directorship.


Sahibdeep Singh

Sahibdeep Singh

Moderator

05-Feb-21 11:06

Thank u so much sir.


Balamurali Unnithan M S

Balamurali Unnithan M S

CA Inter

2K+

05-Feb-21 11:29

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