Interest suspense in balance sheet
This query is : Resolved
23 December 2011
Only loan and installments are given in HDFC Bank Installment, Can we arrive the interest by differentiating the total loan and installment. the same interest amount keep as `interest suspense A/c' under the heading of `miscellaneous asset'. this method of accounting is right or wrong. and weather this expenses come under Accounting standards.
CA. RAGHAV GARG
(Expert)
24 December 2011
Dear Mr. Ravi,
To be very frank, it is difficult to understand your question.
But if you have only 1 loan and paying its installment, you can :
1. Collect Interest certificate from Bank.
or
2. your inerest will be = Closing Balance of Loan - Opening balance of loan + total installments.
As per Mercantile method, normal accounting entry of
Interest on Loan A/c Dr.
To HDFC Loan A/c
is to be passed.
To be very frank, it is difficult to understand your question.
But if you have only 1 loan and paying its installment, you can :
1. Collect Interest certificate from Bank.
or
2. your inerest will be = Closing Balance of Loan - Opening balance of loan + total installments.
As per Mercantile method, normal accounting entry of
Interest on Loan A/c Dr.
To HDFC Loan A/c
is to be passed.
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