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    Company accepting Property to settle unsecured loans

    Posted By : Shiriti / Published on : 16-May-2018 12:28 AM / View : 633 / Comment : 0

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    The case is somewhat like this: 1. The Directors gave a loan to the company in an unsecured manner- 2. company bought property in its own name and in the balance sheet the loan stood as an unsecured loan from directors. 3. now the company is willing to transfer the property in the name of the directors and a corresponding effect is to write off the amount of loan to the tune of the value of the property, let suppose the value is Rs. 10/- and loan standing is Rs. 15 then Rs. 5/- be left as unsecured loan amount and property be transferred. Thanks for the valuable suggestion Curtsy: Ashutosh Sharma
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