Friends..please help..
Mr John , an NRI transferred money to a broker in India who purchased a land on his behalf.However the land was registered in the name of ABC Ltd incorporated in India.The company was incorporated before the registration took place.The following entry was passed in its books
Land A/C dr
To Loan from John
Is the accounting treatment correct as per the relevant accounting standard.please state the standard too
Entry is Fine...
No specific accounting standard would be applicable
ABC ltd is a public ltd company?
Wats the rate at which loan has been borrowed?
wats market interest rate....?
no such information given
ok ,if u could...provide this info...there would be an impact on disclosing loan from john as per AS-30,31...
AS-30,31 is not beinng Adopted by company law yet.....
but it will be in future....
can u please tell me what info has to be disclosed?its a pvt ltd comp
Chirag N Shah & Associates
Mumbai
CA Inter
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Arvindkumar Maniar & Co.
Rajkot
CA
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