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Accounting journal entries

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(Querist)
26 November 2015 What is a journal entry of housing loan interest and principles at the end of each year and during the year
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CA CS LAVESH VASYANI

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CA CS LAVESH VASYANI (Expert)
26 November 2015 Dear Sagar,

The principal amount is to be deducted from housing loan taken and interest is to be claimed as deduction from income.

The journal entry is to be passed as under :

Housing loan account Dr. (Principal amt)
Interest a/c Dr.(Interest amt)
To Bank account

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