Interest paid on loan
This query is : Resolved
24 February 2009
I(Individual) purchased a plot and took a loan for Rs. 50 Lacs. EMI is rs. 1 lac (Principal 25000+ Interst 75000). I accounted in my books as plot under fixed assets for Rs. 50 Lacs.
Please clear what will be treatment of Interst paid under EMI each month? Should it be shown under drawings and less then capital? I am a salaried person.
Please clear what will be treatment of Interst paid under EMI each month? Should it be shown under drawings and less then capital? I am a salaried person.
29 March 2012
The interest portion shall be debited to P&L A/c
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