Commission on land
This query is : Resolved
21 May 2019
What is the journal entry for commission Paid for purchase of Land?
07 June 2019
debit commission paid
credit cash/bank (As the case may be)
credit cash/bank (As the case may be)
13 June 2019
Dear Sir, We are paying car loan EMI on Monthly basis. The total EMI have to pay Rs 198505.00 but we pre-closed the full amount. The total value is Rs.186479.00 including interest.How can i close the entry with journal entry? please Explain sir
13 June 2019
please give the break up of principal and interest.
17 June 2019
I showed in the last year Balance sheet the closing balance of business loan (principle along with interest both of Rs 198505.00) and the pre-closed amount of Rs 846479.00
17 June 2019
i think I am not asking the corect question. Anyway..... See the entry could be like this.
Let us assume closing balance of loan as at last balance sheet is INR 5,00,000/-
Pre close amount is INR 5,12,000/-
Debit Loan 5,00,000
Debit Interest 12,000
Credit Bank 5,12,000
Please let me know if it suits your situation
Let us assume closing balance of loan as at last balance sheet is INR 5,00,000/-
Pre close amount is INR 5,12,000/-
Debit Loan 5,00,000
Debit Interest 12,000
Credit Bank 5,12,000
Please let me know if it suits your situation
21 June 2019
OK sir i got your point. but the pre closed amount is lesser than the liability amount.then what can i do?
23 June 2019
continuing with the above figures and assuming pre closure amount to be 4,80,000
debit loan 5,00,000
debit interest 12,000
credit bank 4,80,000
credit discount received on preclosure 32,000
(32,000 will be treated as other income)
debit loan 5,00,000
debit interest 12,000
credit bank 4,80,000
credit discount received on preclosure 32,000
(32,000 will be treated as other income)
28 June 2019
you are most welcome.
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