Loan settlement ..
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 August 2011
one company had a bank loan of Rs. 20,00,000.00 & interest payble there on is Rs. 10,00,000.00.company made one time settlement to settle the loan by paying Rs. 10,00,000.00
Then what should be the accounting treatment.
Then what should be the accounting treatment.
17 August 2011
Bank Loan a/c Dr
Interest Payable on Bank Loan a/c Dr
To Bank a/c
To Waiver of Loan amt(Income) a/c
Interest Payable on Bank Loan a/c Dr
To Bank a/c
To Waiver of Loan amt(Income) a/c
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