Legal Question in Business Law in India
if a loan is taken from own's business(partnership). what is the procedure to give it back.
Asked on 5/13/13, 1:43 am
2 Answers from Attorneys
Fca Prashant Chavan
Expert Edge LLP
14.05.2013
Dear Sir / Madam,
A loan taken by a partner can be treated as a loan in the books repayable by the partner to the firm. Alternatively, if the loan is temporary, it can be treated as Partner's Drawings and adjusted from the profits due to the partner.
Regards,
Answered on 5/13/13, 7:28 am
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