Adjustment procedure accepted in books

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Kollipara Sundaraiah (Querist)
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30 October 2022 Sir,
Sec 44ada it assessess cash loans from creditor and cash loan to debtors ledger balance amount show in books as on dt: 31-03-22.
Cash loan from creditor (son) balance amount rs:10 lacs
Cash loan to debtors (daughter) balance amount rs:15 lacs.
Question:
Assessess cash loans from creditor rs:10 lacs amount transferred to cash loan to debtor account adjustment entry passed in books accepted in it act f.y.22-23.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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30 October 2022 The loan amount between two parties can be adjusted as per book entries, without any problem. Get confirmations from both the parties.

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