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Accounting for Loan Writedown

HcksawJimDuggan · 2018-11-28 21:35:30

Hi All, Just wondering if anyone has come across a loan writedown/forgiveness in a set of Financial Statements? Is it as simple as debiting the loan balance on the balance sheet and crediting the Income & Expenditure account. Not concerned with the tax consequences of this transaction, just the accounting under FRS 102.…

28-11-2018 10:35pm

#1

HcksawJimDuggan

Registered Users, Registered Users 2 Posts: 394 ✭✭

Join Date: June 2009

Posts: 300

Hi All,

Just wondering if anyone has come across a loan writedown/forgiveness in a set of Financial Statements? Is it as simple as debiting the loan balance on the balance sheet and crediting the Income & Expenditure account. Not concerned with the tax consequences of this transaction, just the accounting under FRS 102.

Thanks in Advance,
Hacksaw.

0

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#2 03-12-2018 8:58pm

HcksawJimDuggan

Registered Users, Registered Users 2 Posts: 394 ✭✭

Join Date: June 2009

Posts: 300

HcksawJimDuggan wrote: »

Hi All,

Just wondering if anyone has come across a loan writedown/forgiveness in a set of Financial Statements? Is it as simple as debiting the loan balance on the balance sheet and crediting the Income & Expenditure account. Not concerned with the tax consequences of this transaction, just the accounting under FRS 102.

Thanks in Advance,
Hacksaw.

Anyone able to help on this?

0