journal entry

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venkey2626 (Querist)
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09 September 2016 loan amount is 1558370. net amount received 1485311. insurance 3999. processing fee .30196 intrest on loan. 24290. 1st emi. 14575. . what is the journal entry. how to proceed

Sathish M

Sathish M (Expert)
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11 September 2016 Bank Account Dr 14,85,311
Insurance Charges Account Dr 3,999
Loan Processing Fees Account Dr 30,196
Interest on Loan Account Dr 24,290
Loan Account (First EMI) Dr 14,574
To Bank Loan Account 15,58,370
(Being the loan amount sanctioned by ............ Bank vide sanction letter......... dated......., amount received from Bank, Charges on Insurance, Loan processing fees, Interest on Loan and First Installment of Loan amount adjusted)

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