Unsecured loan
This query is : Resolved
06 February 2019
Hello Expert,
I want to ask regarding Unsecured Loan.
What if a person dies to whom repayment is pending. My query is Shall I treat my unsecured loan(which is not repaid) as a Assets?
Please Guide me for this.
I want to ask regarding Unsecured Loan.
What if a person dies to whom repayment is pending. My query is Shall I treat my unsecured loan(which is not repaid) as a Assets?
Please Guide me for this.
06 February 2019
If it's not repayable take it to other income.
06 February 2019
No, Ownership of money is not of the Company but that of legal heair of the deceased deposit holder or successor of that person.
The Company is obliged to pay such successor/ legal heair, on production of proof of succession in property of that deceased person i.e. will, or probate and death certificate.
Thanks for referring query.
The Company is obliged to pay such successor/ legal heair, on production of proof of succession in property of that deceased person i.e. will, or probate and death certificate.
Thanks for referring query.
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06 February 2019
Just keep it in your books. Normally you should reverse it and show as income.
06 February 2019
If the lender is a Company/PFAS/LLP then the others directors, partners have to be paid.
If that was a sole proprietorship firm then the legal heir will be eligible to receive the repayment.
If that was a sole proprietorship firm then the legal heir will be eligible to receive the repayment.
07 February 2019
Thank you so much experts........it helps me lot...............
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