17 November 2014
i want to know the status of a loan taken in dec 13 from a partnerhip firm in which the only two directors are partners and the loan exists as on 31/03/2014 and the firm closed on 31/03/2014.the partnership firm has adjusted the loan given to the company as adjustement of capital accounts.
my query is how is it to be treated in the company books of accounts.
17 November 2014
the liability in the books of the company will stand as it is except that the loan documentation should be renewed to make the individual partners as lenders instead of the firm.
17 November 2014
the liability in the books of the company will stand as it is except that the loan documentation should be renewed to make the individual partners as lenders instead of the firm.
CAclubindia
