Irrecovery of Loan
This query is : Resolved
15 May 2009
irrecovery of loan from staff.
Is it allowed in Bad Debts
Is it allowed in Bad Debts
15 May 2009
Definatly not. Loan is not bad debts as it is not revenue expenditure.
15 May 2009
But if Interest is nonrecoverable it can be allowed as Bad.
16 May 2009
1.Amount Not recoverable A/c........Dr
To Loan to Employee A/c
Even the interest is non-deductible.
To Loan to Employee A/c
Even the interest is non-deductible.
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