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?
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.