journal entry
This query is : Resolved
venkey2626
(Querist)
09 September 2016
loan amount is 1500000
but net amount received 1485311.
insurance is 3999.
processing fee . 30196.
advance emi 14574.
intrest on loan. 24290.
what is journal entry. we post
Amol S Joglekar
(Expert)
09 September 2016
if the loan amount is 15,00,000 and amount received is 14,85,311, then the difference is 15,00,000-14,85,311=14,689. Out of that yo have traced only one figure and that of insurance of 3999. Please trace out the difference of 14,689-3,999 =10,690, so that the journal entry would be done.
Debit Bank
Debit Insurance charges 3999
Debit (Difference) 10,690
Credit Loan 15,00,000
Debit Bank
Debit Insurance charges 3999
Debit (Difference) 10,690
Credit Loan 15,00,000
Amol S Joglekar
(Expert)
09 September 2016
processing fee can be directly debited to expenses
Advance EMI will be recorded as on the date of the instrument. Please give the break up of EMI into principal and interest.
Advance EMI will be recorded as on the date of the instrument. Please give the break up of EMI into principal and interest.
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