Amit Kumar (Accountant) (276 Points)
04 May 2017Dear All,
HOW TO TREAT A PARTY AS A UNSECURED LOAN OR SUNDRY CREDITOR if i have taken a loan like 2000000 now the time to give him interest on loan (interest on loan from nonbanking co) but i have made an account by satish sharma as unsecured loan when i am trying to paying him this is not displaying in that voucher so should i changed it from unsecured loan to sundry creditor
Thanks in Advance
Amit Kumar
CA Tanvi Sheth
(Consultant)
(232 Points)
Replied 04 May 2017
Loan and creditor both are totally different. If you consider any amount as loan which you need to repay as a whole or in installment and it is without any security, it is unsecured loan. Creditor is something yet to be paid against any service or good received.
Interest when paid you need to make entry as
Interest on Unsecured loan
To Cash/bank
(In narration write name of the party.)
If interest is huge and you need to deduct TDS, then entry will be
Interest on unsecured loan
To Party
To TDS
Party
To cash/bank
Amit Kumar
(Accountant)
(276 Points)
Replied 04 May 2017
pankaj
(Senior Auditor In Bank Audit Dept. And Income Tax dept.)
(52 Points)
Replied 06 May 2017
Florence Serrano
(Quis error rerum suscipit dicta consectetur magnam et non unde neque consectetur explicabo Autem nihil a)
(22 Points)
Replied 29 June 2018
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