Bank loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 November 2014
bank loan existed in 1st year itself but financial statements were prepared without such loan, interest not claimed, this yr client gives the loan statement and asks to show loan also, all loan proceeds were used in business not capital acquisitions, now what entry to pass that loan in books?
23 November 2014
I feel very sorry. How your last year's Balance Sheet tallied whenthe loan was used in the business?
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 November 2014
It actually a proprietorship firm and capital a/c was used for any difference,
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