AS-18

This query is : Resolved

Kusum (Querist)
Follow

06 November 2009 One of the related party has taken loan last year and has repaid that amount. whether it should be included in the Related Party Transaction of current financial year or not do help me

Rahul Vora

Rahul Vora (Expert)
Follow

07 November 2009 Your question is not clear. If I understand correctly, loan was taken in last year and repaid in the same last year. Then is is not required to be shown in Related Party transactions. And incase, the laon is taken in last year and paid in current year then the same is to be shown in Related Party Transactions

CA. abhinav kumar

CA. abhinav kumar (Expert)
Follow

07 November 2009 As the related party repaid loan in last year itself , it is not related party transaction for the current year. As per AS we have to disclose only related party transaction taken place during the year only.

Upgrade to CAclubindia Pro. Subscribe Now!

Guest

Guest (Expert)

11 November 2009 If the repayment is made in the current year, then you should include it.

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

11 November 2009 If repayment made in last year then to be included in last year only and if repayment made in this year then to be included this year

Kusum

Kusum (Querist)
Follow

11 November 2009 thnks everyone