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Home loan

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(Querist)
06 August 2013 I have purchase a home on bank loan, what will be accounting entry in my personal book for bank loan & interest?and What amount show in balance sheet.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
06 August 2013 1. Building A/c Dr
To Bank Loan

At the time of repayment:

Bank Loan A/c Dr
Interest on Bank Loan Dr
To Bank

Interest on bank loan will be an expense and will be transferred to P&L A/c

2. Balance Sheet:
Building under Fixed Assets on the asset side
Bank Loan under Secured Loan on the liabilities side
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