Accounting entry in tally related personal loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 October 2016
Dear Expert...
Mr A is Proprietor of M/S XYZ Enterprise.
Mr A has taken personal loan of Rs 1,50,000/- from Bajaj Finance for has personal use.
and during the year he has repay loan amount Rs12500/- form has HDFC Bank.
What is Accounting Entry of thi whole Transaction in Tally.???
Plz Reply Expert????
Mr A is Proprietor of M/S XYZ Enterprise.
Mr A has taken personal loan of Rs 1,50,000/- from Bajaj Finance for has personal use.
and during the year he has repay loan amount Rs12500/- form has HDFC Bank.
What is Accounting Entry of thi whole Transaction in Tally.???
Plz Reply Expert????
26 October 2016
Simple, it is related to personal purpose so the payment made by HDFC bank will be show as Withdrawals in capital account.
Thanks.
Thanks.
27 October 2016
Agree, you have to do entry by capital reduction for personal loan. you don't need to separate EMI (Principal & Interest).
Withdrawl (EMI Amount) Dr
To Bank CR
Withdrawl (EMI Amount) Dr
To Bank CR
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