Unsecured loan

Abhishek Banerjee (student) (67 Points)

22 August 2011  

hello

A partnership firm has given unsecured loan of 12L to a party last year.In the current year the loan has not been repaid.the a/c stands credited by 12L as closing balance.The loan is also in the nature of interest free loan.

Can it be an audit point and what are the issues that are to be considered.

Thanks in Anticipation.