Accounting entries for medium term loan

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Athar (Querist)
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20 September 2012 My Co hav taken loan from HDFC bank for INR 1402000.00/- it includes Interest Amount also. Can anybody tell me scheme of Entries for this. & Interest Treatment

Dibnm

Amol S Joglekar

Amol S Joglekar (Expert)
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20 September 2012 Give the bifurcation of interest and principle

Athar

Athar (Querist)
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20 September 2012 Payment Date Repay Amount Interest Principal Outstanding Balance
41,090.00 6,808.33 6,808.33 817,000.00
41,120.00 6,808.33 6,808.33 817,000.00
41,151.00 7,035.28 7,035.28 817,000.00
41,182.00 7,035.28 7,035.28 817,000.00
41,212.00 20,786.69 6,808.33 13,978.35 803,021.65
41,243.00 20,786.69 6,691.85 14,094.85 788,926.80
41,273.00 20,786.69 6,793.54 13,993.15 774,933.65
41,304.00 20,786.69 6,673.04 14,113.65 760,820.00
41,333.00 20,786.69 6,128.83 14,657.86 746,162.14
41,363.00 20,786.69 6,218.02 14,568.67 731,593.47
41,394.00 20,786.69 6,299.83 14,486.86 717,106.61
41,424.00 20,786.69 5,975.89 14,810.80 702,295.81
41,455.00 20,786.69 6,047.55 14,739.14 687,556.67
41,485.00 20,786.69 5,729.64 15,057.05 672,499.62
41,515.00 20,786.69 5,604.16 15,182.53 657,317.09
41,547.00 20,786.69 5,842.82 14,943.87 642,373.22
41,577.00 20,786.69 5,353.11 15,433.58 626,939.64
41,608.00 20,786.69 5,398.65 15,388.04 611,551.60
41,638.00 20,786.69 5,096.26 15,690.43 595,861.17
41,669.00 20,786.69 5,131.03 15,655.66 580,205.51
41,697.00 20,786.69 4,512.71 16,273.98 563,931.53
41,728.00 20,786.69 4,856.08 15,930.61 548,000.92
41,759.00 20,786.69 4,718.90 16,067.79 531,933.13
41,788.00 20,786.69 4,285.02 16,501.67 515,431.46
41,820.00 20,786.69 4,581.61 16,205.08 499,226.38
41,850.00 20,786.69 4,160.22 16,626.47 482,599.91
41,881.00 20,786.69 4,155.72 16,630.97 465,968.94
41,912.00 20,786.69 4,012.51 16,774.18 449,194.76
41,942.00 20,786.69 3,743.29 17,043.40 432,151.36
41,973.00 20,786.69 3,721.30 17,065.39 415,085.97
42,003.00 20,786.69 3,459.05 17,327.64 397,758.33
42,033.00 20,786.69 3,314.65 17,472.04 380,286.29
42,062.00 20,786.69 3,169.05 17,617.64 362,668.65
42,093.00 20,786.69 3,022.24 17,764.45 344,904.20
42,124.00 20,786.69 2,970.01 17,816.68 327,087.52
42,153.00 20,786.69 2,725.73 18,060.96 309,026.56
42,185.00 20,786.69 2,661.06 18,125.63 290,900.93
42,215.00 20,786.69 2,424.17 18,362.52 272,538.41
42,246.00 20,786.69 2,346.86 18,439.83 254,098.58
42,277.00 20,786.69 2,188.07 18,598.62 235,499.96
42,306.00 20,786.69 1,897.08 18,889.61 216,610.35
42,338.00 20,786.69 1,925.43 18,861.26 197,749.09
42,368.00 20,786.69 1,647.91 19,138.78 178,610.31
42,399.00 20,786.69 1,538.03 19,248.66 159,361.65
42,429.00 20,786.69 1,328.01 19,458.68 139,902.97
42,459.00 20,786.69 1,165.86 19,620.83 120,282.14
42,490.00 20,786.69 1,035.76 19,750.93 100,531.21
42,520.00 20,786.69 837.76 19,948.93 80,582.28
42,551.00 20,786.69 693.90 20,092.79 60,489.49
42,581.00 20,786.69 504.08 20,282.61 40,206.88
42,612.00 20,786.69 346.23 20,440.46 19,766.42
42,643.00 19,936.63 170.21 19,766.42 -
Total 1,024,598.28 207,598.28 817,000.00

Athar

Athar (Querist)
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20 September 2012 Dear Amol

Above information for ur action

Loan Amount is 817000 /-
Interest Amount is 207,598.28

& re payment Schedule as above.

Thanks in Advance

Athar

Athar (Querist)
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20 September 2012 Payment Date Repay Amount Interest Principal Outstanding Balance
30-Jun-12 6,808.33 6,808.33 817,000.00
30-Jul-12 6,808.33 6,808.33 817,000.00
30-Aug-12 7,035.28 7,035.28 817,000.00
30-Sep-12 7,035.28 7,035.28 817,000.00
30-Oct-12 20,786.69 6,808.33 13,978.35 803,021.65
30-Nov-12 20,786.69 6,691.85 14,094.85 788,926.80
30-Dec-12 20,786.69 6,793.54 13,993.15 774,933.65
30-Jan-13 20,786.69 6,673.04 14,113.65 760,820.00
28-Feb-13 20,786.69 6,128.83 14,657.86 746,162.14
30-Mar-13 20,786.69 6,218.02 14,568.67 731,593.47
30-Apr-13 20,786.69 6,299.83 14,486.86 717,106.61
30-May-13 20,786.69 5,975.89 14,810.80 702,295.81
30-Jun-13 20,786.69 6,047.55 14,739.14 687,556.67
30-Jul-13 20,786.69 5,729.64 15,057.05 672,499.62
29-Aug-13 20,786.69 5,604.16 15,182.53 657,317.09
30-Sep-13 20,786.69 5,842.82 14,943.87 642,373.22
30-Oct-13 20,786.69 5,353.11 15,433.58 626,939.64
30-Nov-13 20,786.69 5,398.65 15,388.04 611,551.60
30-Dec-13 20,786.69 5,096.26 15,690.43 595,861.17
30-Jan-14 20,786.69 5,131.03 15,655.66 580,205.51
27-Feb-14 20,786.69 4,512.71 16,273.98 563,931.53
30-Mar-14 20,786.69 4,856.08 15,930.61 548,000.92
30-Apr-14 20,786.69 4,718.90 16,067.79 531,933.13
29-May-14 20,786.69 4,285.02 16,501.67 515,431.46
30-Jun-14 20,786.69 4,581.61 16,205.08 499,226.38
30-Jul-14 20,786.69 4,160.22 16,626.47 482,599.91
30-Aug-14 20,786.69 4,155.72 16,630.97 465,968.94
30-Sep-14 20,786.69 4,012.51 16,774.18 449,194.76
30-Oct-14 20,786.69 3,743.29 17,043.40 432,151.36
30-Nov-14 20,786.69 3,721.30 17,065.39 415,085.97
30-Dec-14 20,786.69 3,459.05 17,327.64 397,758.33
29-Jan-15 20,786.69 3,314.65 17,472.04 380,286.29
27-Feb-15 20,786.69 3,169.05 17,617.64 362,668.65
30-Mar-15 20,786.69 3,022.24 17,764.45 344,904.20
30-Apr-15 20,786.69 2,970.01 17,816.68 327,087.52
29-May-15 20,786.69 2,725.73 18,060.96 309,026.56
30-Jun-15 20,786.69 2,661.06 18,125.63 290,900.93
30-Jul-15 20,786.69 2,424.17 18,362.52 272,538.41
30-Aug-15 20,786.69 2,346.86 18,439.83 254,098.58
30-Sep-15 20,786.69 2,188.07 18,598.62 235,499.96
29-Oct-15 20,786.69 1,897.08 18,889.61 216,610.35
30-Nov-15 20,786.69 1,925.43 18,861.26 197,749.09
30-Dec-15 20,786.69 1,647.91 19,138.78 178,610.31
30-Jan-16 20,786.69 1,538.03 19,248.66 159,361.65
29-Feb-16 20,786.69 1,328.01 19,458.68 139,902.97
30-Mar-16 20,786.69 1,165.86 19,620.83 120,282.14
30-Apr-16 20,786.69 1,035.76 19,750.93 100,531.21
30-May-16 20,786.69 837.76 19,948.93 80,582.28
30-Jun-16 20,786.69 693.90 20,092.79 60,489.49
30-Jul-16 20,786.69 504.08 20,282.61 40,206.88
30-Aug-16 20,786.69 346.23 20,440.46 19,766.42
30-Sep-16 19,936.63 170.21 19,766.42 -
Total 1,024,598.28 207,598.28 817,000.00

Amol S Joglekar

Amol S Joglekar (Expert)
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20 September 2012 it seems the loan amount is only 817000. what is the role of 14lakh as said by you?

Amol S Joglekar

Amol S Joglekar (Expert)
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20 September 2012 then what is bothering you? why did you mention 14 lakh. Anyway..... Asset a/c debit xxxx to bank a/c yyyyy to bank loan a/c 817000. where xxxx = 817000+yyyyy. The interest will be accounted for on month on month basis

Athar

Athar (Querist)
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20 September 2012 forget that actual amount is 817000k n goin forward v r planning to apply for 14lakh. can u reply on 817000 scheme of entries

Plssssss

Athar

Athar (Querist)
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20 September 2012 Hey Amol M still not Clear Can u Xplain Thru Accounting Entry plsssssss..bcoz u said asset a/c debit xxx to bank a/c n here xxx equals to principal plus interest but wen i wil pass this entry only 817000 should reflect n not interest amt rite

pls help??

Amol S Joglekar

Amol S Joglekar (Expert)
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20 September 2012 Which asset did you purchase by taking the loan of 817000. Better if you could send it to my e mail id amolshankar@gmail.com

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Athar

Athar (Querist)
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20 September 2012 In 2011 we spend 1634000 for construction of our own office Bulding & to complete the same we need some more funds, as per arrangement with Bank we will recv 50 of the expense incurred on bulding work in past. so after producing documents of exp incurrred in 2011 our laon sanctioned for 817000 as per agreed terms. plus interest so this is my simple loan & not against any asset or property

can u tell me now scheme of entries already mailed u on gmail

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