Journal entry for inter corporate loan (third party)

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398 Points Joined June 2021

Sir

What will be accounting entry / journal for "Intercoporate loan-ICD" - disbirsement as well as write off .

Kindly mention applicable AS and Section of Income Tax Act.

 

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On 06 September 2024 at 16:59 Report
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Master in Accounts & high court Advocate
9596 Points Joined December 2011

The accounting entry for an "Inter corporate loan-ICD" (Inter Corporate Deposit) would be: Disbursement: Debit: Cash/Bank Credit: Inter Corporate Loan-ICD Write-off: Debit: Inter Corporate Loan-ICD Credit: Loss on Write-off (Expense) Applicable Accounting Standards (AS): - AS 9: Revenue Recognition - AS 23: Accounting for Investments Section of Income Tax Act: - Section 36(1)(viii): Allowance for bad debts - Section 41(1): Loss on write-off Note: Consult a chartered accountant or financial expert for specific guidance, as the accounting treatment may vary depending on the company's financial statements and tax compliance.

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On 09 September 2024 at 09:58


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