Housing loan interest & principle amount paid
This query is : Resolved
25 March 2015
Dear Sir
Good Evening !
Sir housing loan interest & principle amount paid in a year . Interest should be debited in capital a/c . Entry will be Capital a/c Dr
Housing Loan a/c Cr
what should we do with principle amount.
Good Evening !
Sir housing loan interest & principle amount paid in a year . Interest should be debited in capital a/c . Entry will be Capital a/c Dr
Housing Loan a/c Cr
what should we do with principle amount.
25 March 2015
who is the entity and how it is paid?
25 March 2015
Good evening sir
Business Prop. is entity and paid partly through saving bank a/c and partly paid through daughter's bank a/c
Business Prop. is entity and paid partly through saving bank a/c and partly paid through daughter's bank a/c
25 March 2015
INT WILL go to capital a.c
loan repayment shall be deducted from loan taken in liability side
Loan a/c ...dr
Int on loan a/c...dr
to bank a/c (savings a/c)
loan repayment shall be deducted from loan taken in liability side
Loan a/c ...dr
Int on loan a/c...dr
to bank a/c (savings a/c)
25 March 2015
But Sir someone is saying that Interest on Loan and Principle amount which is paid will debited in capital a/c
25 March 2015
how come int paid shall be treated in capital a/c if it is business loan?
25 March 2015
Sir this is a housing loan
25 March 2015
ok in such case for prop business pass the following entry
loan a/c...dr
int on loan a/c...dr
to bank
capital a/c ....dr
to int on loan a/c
loan a/c...dr
int on loan a/c...dr
to bank
capital a/c ....dr
to int on loan a/c
25 March 2015
Sir will Principle amount transfer to capital a/c ?
25 March 2015
no, as the principle amount shall have to be shown under liabilities side and then keep reducing as and when the amount is paid
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