Dear Professional.
We have taken car loan from ICICI for the period of 15.05.11 to 16.02.2014, in that we processed only bank payent entry there is no JV in Tally. how to proceed further/ pass the necessary entry into books.
Thansk in Advance
Deva
Devarajan Damodaran (Sr. Executive Finance & Accounts ) (40 Points)
18 December 2013Dear Professional.
We have taken car loan from ICICI for the period of 15.05.11 to 16.02.2014, in that we processed only bank payent entry there is no JV in Tally. how to proceed further/ pass the necessary entry into books.
Thansk in Advance
Deva
Manish Bhandari
(C.A)
(496 Points)
Replied 18 December 2013
What is current closing balance of the loan as per statement, incorporate it by JV as
Loan A/c Dr
to Capital A/c(If proprietor or firm only)
Then pass regular entries to the loan account by bifurcating principal & interest seperatley.
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