How to book home loan
This query is : Resolved
30 May 2012
Sir,
I have taken a home loan of 25L for a new house property how to account for the same in my books of a/c.
what entry to be passed at the time of instalment repayment.
I am Salaried employee.
I have taken a home loan of 25L for a new house property how to account for the same in my books of a/c.
what entry to be passed at the time of instalment repayment.
I am Salaried employee.
30 May 2012
1. At the time of loan
Building A/c Dr
To Housing Loan
1. At the time of repayment (obtain a certificate from the bank which will provide breakup of instalment as principal and interest repayment)
(a) Interest repayment
Housing Loan A/c Dr
To Bank A/c
(b) Interest Repayment
Interest on Housing Loan A/c Dr
To Bank A/c
Building A/c Dr
To Housing Loan
1. At the time of repayment (obtain a certificate from the bank which will provide breakup of instalment as principal and interest repayment)
(a) Interest repayment
Housing Loan A/c Dr
To Bank A/c
(b) Interest Repayment
Interest on Housing Loan A/c Dr
To Bank A/c
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