Secured Loans

This query is : Resolved

RISHABH JAIN (Querist)
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02 December 2010 An assessee has taken a Bank Loan against hypothecation of Car for a period of 10 years....
is he required to show the amount repayable within one year by way of notes or within brackets below the Item in the Balance Sheet.

Thanks

arunkumar

arunkumar (Expert)
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02 December 2010 Hi Rishabh Jain

for above transaction the entry for

CAR A/c Dr
To
Shorterm loan or secured loan a/c

then we paid back the installments or total amout for loan we pass the this entry

Shorterm loan A/c Dr
To
Bank or Cash A/c

than we can close this A/C
jain one doubt that is this repayment period is 10 years why you want to pay in one year.