24 April 2015
1. Claim for interest in the books will be for all 12 installments. 2. All bounce charges and overdue charges has to be admitted in the books. 3. Discounts granted should be taken as income in the year. Your are not right a part payment towards principal will be there in each installment. You can seek break up for this.
24 April 2015
SUPPOSE EMI IS OF RS. 20,000.00. I HAVE TO PAY IN 1 YEAR 20,000 X 12= 2,40,000.00 BUT I PAID 10 EMI OUT OF 12. THIS MEANS I HAVE PAID 2,00,000.00. INTEREST IN 12 EMI TOTALS TO SUPPOSE 180000.00 AND PRINCIPAL 60000.00. NOW WHEN I CONSIDER ALL 12 EMI INTEREST PAID THEN ONLY BALANCE 20000.00 WILL BE ADJUSTED TOWARDS PRINCIPAL. THATS WHY I HAVE ASKED ABOUT THE CORRECTNESS MY APPROACH.
24 April 2015
N IF I HAD JUST PAID ONLY 3 INSTALMENTS AND CLAIM 180000 AS INTEREST. 60,000.00 MINUS 1,80,000.00 = - 1,40,000.00. THEN WHERE I SHOULD ADJUST THE 1.40 LAC AMOUNT.
24 April 2015
ACCOUNT DESCRIPTION OF CREDITOR - SHALL IT BE THE FINANCER NAME?
THE EMI DUE DATE FALLS ON 02/04/2015. IT WILL MEAN THAT THE EMI INCLUDE INTEREST UPTO 31 MARCH 2015.THEN CAN WE HAVE TO TAKE CONSIDERATION OF THE INTEREST PART OF THE EMI IN THE 2014-15.
CAclubindia
