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
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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,

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Answered on 5/13/13, 7:28 am
Jayesh Desai Jayesh Desai
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Pay it back by cheque.

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Answered on 5/21/13, 9:54 am


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