Easy Office
LCI Learning

Treatment of waiver of agricultural loan

This query is : Resolved 
Profile Image

Profile Image

(Querist)
15 August 2009 Mr.X had taken an agricultural loan.As per the budget, the loan had been waived off.Now, how should the same be treated in books of accounts..?Should it be treated as agricultural income or as a subsidy..?

Thanks in advance.
Profile Image

CA. B.SRINIVASULU

Profile Image

CA. B.SRINIVASULU (Expert)
16 August 2009 To extent of the interest waiver it should be credited to the profit & loss account as income.

To the extent of the principal it should be treated as subsidy.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links