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Irrecovery of Loan

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(Querist)
15 May 2009 irrecovery of loan from staff.
Is it allowed in Bad Debts
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
15 May 2009 Definatly not. Loan is not bad debts as it is not revenue expenditure.
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
15 May 2009 But if Interest is nonrecoverable it can be allowed as Bad.
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aniket

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aniket (Querist)
15 May 2009 How to write off this loan
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
16 May 2009 1.Amount Not recoverable A/c........Dr
To Loan to Employee A/c
Even the interest is non-deductible.

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