Accounts
Querist : Anonymous
I want to know about full journal entry of housing loan(taking loan, interest, payment thereof) in proprietorship. Is housing loan allowable in P & L of pro. concern?
To Seller A/c
Seller A/c Dr.
To Cash/Bank
To Housing Loan A/c.
For Interest:
Interest on Loan dr.
To Housing Laon
Housing Loan A/c Dr.
To Bank
Hosuing Loan Interest is not allowable under P&L a/c it should be charged to Capital A/c and dedution should be claimed under the House Property head and u/s 80C.
Querist : Anonymous
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