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Home Loan in Balance sheet

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 September 2010 one my friend have home loan of 5L to buy the home of 15L. how to show it in balance sheet. 5L as a liabilites and 15 L as assests than how it will tally.friend have profesional income. is home loan interest will be shown in p/l a/c as a expence.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
23 September 2010 Please credit the source balance Rs.10 lakh then, the B/S will Tally. Home loan interest cannot be debited under professional Profit & Loss a/c. it need to be calculate separte Loss from HP and set off with the head of income
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