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Definition of Accounting

Can we do loa...

Question

Can we do loan on current account in the name of a firm?

A

Yes

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B

No

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Solution

The correct option is B No
No we cant not we do loan on currect account on the name of a firm, we can do on current account on individuals name

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On dissolution of a firm, partner’s loan account is transferred to _________

Q. Can we initiate Byjus loan on any relatives name and number of the customer ?

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C

are partners sharing profits and losses equally.

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have granted loan to the firm on 1st October, 2016 of

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R s .1, 50, 000

respectively. It is agreed that interest @

9 %

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Q. Can loan be initiated on joint account?

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