Journal entry

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DEVENDER THAKUR (Querist)
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15 June 2013 The Partners of the firm purchased a property of Rs. 2.0 Crore.The bank gave a total loan of Rs.2.5 Crore[50 lac as top up to the firm].Now the installment of loan comes out be Rs.361855/- which is debited from firms account totaly.Please guide me how to pass the entry while paying the EMI.

Rupesh Jain

Rupesh Jain (Expert)
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15 June 2013 loan a/c dr
intt. on term loan a/c
to bank a/c (from bank take loan intl.)

DEVENDER THAKUR

DEVENDER THAKUR (Querist)
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15 June 2013 But Sir Partners are also involved in the loan. 75% of loan amount is being used by the partners and 25% by the firm itself

Rupesh Jain

Rupesh Jain (Expert)
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15 June 2013 pls recover intt. amount and instalment amot form partners

loan a/c (firm share)
intt a/c (firm share)
partner a/c( innt+ instt)

to bank

DEVENDER THAKUR

DEVENDER THAKUR (Querist)
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15 June 2013 thanks sir