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Loan from Director

Corporate & Other Laws

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

CA Inter

★ 3K+

04-Feb-21 18:56

297

Answers (6)

Please elaborate your query.

CA 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 .

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

04-Feb-21 19:21

Hi sir

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

04-Feb-21 21:43

Hallo sir

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

05-Feb-21 10:06

Thread Starter

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.