if a loan is taken from own's business(partnership). what is the procedure to give it back.
2 Answers from Attorneys
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.
Pay it back by cheque.
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