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Entry for bank loan

This query is : Resolved 
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(Querist)
14 March 2022 Dear All,

We have taken a business loan from bank of 15,00,000. Bank has deducted Insurance Premiun Rs. 10,000/-, Processing Fees Rs. 35,400/- and documentation charges Rs.3,000/-. The net amount disbursed is Rs.14,51,600/-. I have debited the Bank with Rs. 14,51,600/-, debited the expenses into one as Processing fees Rs. 48400/- and credited Loan account with Rs. 15,00,000/-.

Is the entry correct or will i have to bifurcate the expenses as Insurance premium, documentation charges and processing fees, as i have taken all the expenses into one that is processing fees.

Thanking you,
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 March 2022 Yes, the entry is right no need for bifurcation.
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Suhasini Lad

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Suhasini Lad (Querist)
15 March 2022 Thank You, Sir for your reply.
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CA Puja Sharma

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CA Puja Sharma (Expert)
15 March 2022 Yes, the entry is correct.
If there is GST component in processing fees and others then you can take ITC
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