journal entry

RAKESH KUMAR BEHERA (STUDENT) (185 Points)

23 July 2016

I took loan from vikas Rs.50,000/-
interest rate is 10%
I gave Interest after March

what will be the journal entry for interest payable

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5 Replies

CA Saurabh Singh (Practising Chartered ) (974 Points)
Replied 23 July 2016

HELLO RAKESH,

The same entry shall be as follows:

Interest on Loan A/c Dr 5000

To Loan from vikas 5000

RAKESH KUMAR BEHERA (STUDENT) (185 Points)
Replied 23 July 2016

closing balance is 55,000/- correct sir

CA Saurabh Singh (Practising Chartered ) (974 Points)
Replied 23 July 2016

Yes, you are right

Praveen Tawania (Owner) (369 Points)
Replied 25 July 2016

Interest on Loan A/c Dr. 5000

To Vikas 5000

RAMESH POLINENI (ca) (352 Points)
Replied 25 July 2016

interest on loan A/C DR 5000

Interest Payable A/C 50000

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