Accounts
This query is : Resolved
SAMIR DESAI
(Querist)
17 February 2012
Dear sir,
we take loan as on 27.07.2011 & this loan paid on 16.08.2011 at the time of taken laon we decided 1% interest now how calculate interest & pass entry in our books
we take loan as on 27.07.2011 & this loan paid on 16.08.2011 at the time of taken laon we decided 1% interest now how calculate interest & pass entry in our books
CA Sumat Singhal
(Expert)
17 February 2012
at the time of taking loan
Bank
to loan
at the time of repayment
loan
interest
to bank
at 31st march
P&L
to interest
Bank
to loan
at the time of repayment
loan
interest
to bank
at 31st march
P&L
to interest
CA Sumat Singhal
(Expert)
17 February 2012
interest should be calculated on no of days basis of loan outstanding.
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