Discount on repayment of loan
This query is : Resolved
29 March 2010
Hi.......My client liable to pay 500 crores to "X" bank. Bank gave 5 crores discount on repyment of loan instalment.
1.How to show that 5 crores in my books.
1.How to show that 5 crores in my books.
29 March 2010
You can adjust the same from Financial charges (i.e.Interest etc.) Entry will be:
Interest Expenses A/c Dr.
To Loan form Bank A/c
This would be the suggestive treatment of the discount you mentioned. Ultimately the substance over is bank is reducing the finance charge to the customber.
Interest Expenses A/c Dr.
To Loan form Bank A/c
This would be the suggestive treatment of the discount you mentioned. Ultimately the substance over is bank is reducing the finance charge to the customber.
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