Accounting journal entries
This query is : Resolved
sagar dodia
(Querist)
26 November 2015
What is a journal entry of housing loan interest and principles at the end of each year and during the year
CA CS LAVESH VASYANI
(Expert)
26 November 2015
Dear Sagar,
The principal amount is to be deducted from housing loan taken and interest is to be claimed as deduction from income.
The journal entry is to be passed as under :
Housing loan account Dr. (Principal amt)
Interest a/c Dr.(Interest amt)
To Bank account
The principal amount is to be deducted from housing loan taken and interest is to be claimed as deduction from income.
The journal entry is to be passed as under :
Housing loan account Dr. (Principal amt)
Interest a/c Dr.(Interest amt)
To Bank account
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