How joint loan be shown in the books.?
Like 2 parties take joint loan, disbursment made in the a/c of both parties and both parties mutually made repayment.
now the q is wht shld be the treatment of loan.?
Surbhi Garg (Chartered Accountant) (64 Points)
23 August 2010How joint loan be shown in the books.?
Like 2 parties take joint loan, disbursment made in the a/c of both parties and both parties mutually made repayment.
now the q is wht shld be the treatment of loan.?
ashish gupta
( student)
(1922 Points)
Replied 23 August 2010
Only Share in Joint Loan should be shown as liability in the Books. Additionally Contingent liability can be shown for that part of joint loan which is to be paid by other party as non-payment by that party will result in liability. Wait for Other answers too.
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