In which heading the Unsecured Loan taken from Partnership firm by a private limited company to be shown as per revised schedule VI where partner of firm & directors are same.
1 Replies
ANTONY EDGAR
(CA in Practice)
(89 Points)
Replied 28 November 2012
Since the partners of the firm and the directors of the PVT LTD company are same, the partnership company becomes a related party. Accordingly, the loan from partnership firm will be shown as Loans and Advance from related party under Long Term Borrowing iin Non Current Liability if payable after 12months as on balance sheet date or under Short term borrowing in Current Liability if its is payable before 12months/on demand
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