AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
ACCOUNTING ENTRIES AND BOOKING OF PROFIT
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....CCOUNTING ENTRIES AND BOOKING OF PROFIT<br> Query (Issue) Started By: - VASANT KULKARNI Dated:- 24-5-2017 Last Reply Date:- 21-10-2017 Banking - Finance<br>Got 1 Reply<br>Companies Law<br>OURS IS A UR....
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....BAN COOP BANK REGD. IN MAHARASHTRA AND DOING BANKING BUSINESS AS PER THE BANKING LICENCE ISSUED BY RBI. OUR BANK CAN ACQUIRE THE PROPERTY OF A BORROWER U/S 100 (RULE 85) OF THE MAHA. COOP SOCIETIES A....
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....CT 1960.ACCORDINGLY BY FOLLOWING DUE PROCEDURE THE BANK ACQUIRED THE PROPERTIES OF BORROWERS AND THE ARE NOW SHOWN AS NON-BANKING ASSETS IN THE BOOKS OF BANK.THE DUES OF THE SAID BORROWERS STAND SETTE....
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....LED AT THE PRICES FIXED BY COOP DEPT..IN SOME CASES FULL AMOUNT IS RECOVERED (PRINCIPLE+INTERSET).NOW THE BANK INTENDS TO SELL THE NON- BANKING ASSETS.PL ADVISE ON THE FOLLOWING. 1)WHETHER THE EXCESS....
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.... AMOUNT REALISED BY THE BANK AFTER THE SALE OF ASSETS IS TO BE RETURNED TO THE BORROWER OR TAKEN AS CAPITAL GAIN BY BANK? 2)WHILE PASSING THE ENTRIES, THE LOAN ACCOUNT IS CREDITED BY THE VALUE OF ASS....
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....ETS ACQUIRED viz.THE PRINCIPLE AS WELL AS THE INTEREST THEREON IS BOOKED.BUT THIS IS NOT ALLOWED BY RBI AS IT IS A MERE BOOK ENTRY AND THERE IS NO REALISATION OF INTEREST THEREON.IS THIS VIEW CORRECT?....
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.... Reply By MARIAPPAN GOVINDARAJAN: The Reply: Whether you have got clarified in the above problem? If not please inform.<br> Discussion Forum - Knowledge Sharing ....