repayment and acceptance of loan?

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madhur gupta (Querist)
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17 September 2008 hello friendz
is it amount to repayment or acceptance of loan by passing journal entry only or there is need to recieve n pay cheque
ex.1 co. has to get from co.2 n co.2 has to get money from co.3
co. one 1 has to pay money to co.3
like such situation ......
now will it amount to repayment or acceptance of loan by passing just journal entry
and how we will show it under tax audit u/s269ss n 269t bcoz we write there that no loan has been repaid otherwise than by account payee cheque. so how we will show it?
thankx