Journal entry
This query is : Resolved
01 April 2016
i taken a loan on 1/04/2014 Rs.200000. @ 12% from relative.that amount repaid Rs.200000 on 05/05/2014.but we did not pay interest still day . I have to pass journal entry in my books of account . so i requested you tell how to pass journal entry and what amt i have to pay to my relative ?
01 April 2016
Loan taken for Personal purpose or for business needs ??
Message likes :
1 times
01 April 2016
for purpose of business , we are engage in construction business,
01 April 2016
If you have not give any interest then no need to do journal entry.
01 April 2016
suppose you will pay then entry will be as below
interest a/c dr
to party A/c (loan taken from)
payment entry
party a/c dr
to bank a/c
interest a/c dr
to party A/c (loan taken from)
payment entry
party a/c dr
to bank a/c
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