How to prepare journal entries for a Motgage Loan
This query is : Resolved
22 November 2019
Hello Sir,
I am working in a Pvt. Ltd. Company and a Mortgage Loan is taken by Company.
I am confused, how to pass journal entries.
In Bank Statement some amount is debited in the name of "SI Paid", then some amount is debited and credited too in the name of "Mortgage Link O/D Product".
And some amount debited in the name of "Applicable Tax and SI Paid" and the same amount is credited in the name of "Annual fee & GST"
These transactions are in recurring nature.
Please help me to pass journal entries.
Thank you in advance
I am working in a Pvt. Ltd. Company and a Mortgage Loan is taken by Company.
I am confused, how to pass journal entries.
In Bank Statement some amount is debited in the name of "SI Paid", then some amount is debited and credited too in the name of "Mortgage Link O/D Product".
And some amount debited in the name of "Applicable Tax and SI Paid" and the same amount is credited in the name of "Annual fee & GST"
These transactions are in recurring nature.
Please help me to pass journal entries.
Thank you in advance
22 November 2019
Please give the abbreviation for the following
SI paid
Please explain the nature of transaction for the following
Mortgage loan/ OD Product
Applicable tax paid
Annual; fees & GST
SI paid
Please explain the nature of transaction for the following
Mortgage loan/ OD Product
Applicable tax paid
Annual; fees & GST
22 November 2019
For SI, "HOME SI" is mentioned" in bank statement and there is no other explanation. In Loan Statement "SI for Apr'19 Received" is mentioned.
And for rest of the transactions only these Terms are mentioned,which i explained in my Query. And same terms are using in Loan Statement too.
All transactions are repeating in every month in the same manner.
And for rest of the transactions only these Terms are mentioned,which i explained in my Query. And same terms are using in Loan Statement too.
All transactions are repeating in every month in the same manner.
22 November 2019
Please get the details from bank . This is absolutely necessary to understand the nature of debit and reply to the query.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- REGARDING ITR FILING QUESTION
- GST ISD Query on various AMCs
- ITR 44AD SECTION
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Sale of Mutual Funds In Diffirent Financial Years
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
