Term loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 July 2014
PLS
can anybody tell me what is term loan and how we do its treatment in accounts, what are the modes of payment of term loan, means its full treatment in accounts.
can anybody tell me what is term loan and how we do its treatment in accounts, what are the modes of payment of term loan, means its full treatment in accounts.
25 July 2014
TL is a loan taken for long term with a primary intent of creating some tangible asset and almost against collateral securities. Collateral Security can be offered by applicant or any person associated to the applicant (like director in case of company). The asset you create will become your primary security against which the loand is extended.
Term loan is your liability so you book Cash / Bank Debit against Term Loan from (bank) as Credit. All repayment will constitute TL principal, Interest (as expense) Debit and Cash Credit.
For collateral security from the same books, you inform through Notes to Accounts.
Term loan is your liability so you book Cash / Bank Debit against Term Loan from (bank) as Credit. All repayment will constitute TL principal, Interest (as expense) Debit and Cash Credit.
For collateral security from the same books, you inform through Notes to Accounts.
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2014
can we pay cash against term loan installments.
05 August 2014
Generally, cash transactions in banking transactions are not permissible. If you had taken private finance then also, I would suggest to go for bank entries as it will yield in tax benefits and avoids violation of any statute.
Normally, banks attach ECS to your account or else payments required through cheque within stipulated time frame as agreed in loan agreement.
Normally, banks attach ECS to your account or else payments required through cheque within stipulated time frame as agreed in loan agreement.
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