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Interest on loan

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(Querist)
30 June 2015 If loan is given to some individual and interest is being paid every year without deduction of tds what will be the entry?
do we need to make a provision and then show the payment? or directly the interest payment entry? the balance will keep reducing
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Amol S Joglekar

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Amol S Joglekar (Expert)
30 June 2015 Under mercantile system, we need to mae the provision and then make the payment.
Under cash system, we can directly show the entry of interest as and when paid.
The entry of INTEREST has to be made separately.
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