Romeo (Working) (87 Points)
05 December 2015Respected Sir/Madam,
I had taken loan from a family member and at that time it was shown in liabilities in balance sheet, now I have returned it so that amount has to be shown in asset side ??
The returned loan amount has to be added to my Capital account ?
Waiting for your reply.
Thank You.
CA Reshma K N
(CHARTERED ACCOUNTANT)
(96 Points)
Replied 05 December 2015
Hi.. It depends on the mode of repayment.
Cash/Bank Repayment: Loan A/c will be debited and cash or bank account will be credited.
Any other mode like gift or wiaver etc., it will credited to your capital balance.
Romeo
(Working)
(87 Points)
Replied 05 December 2015
Thank you Madam for your quick and accurate reply.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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