Journal Entry - Doubt
This query is : Resolved
25 March 2011
I came across a Journal Entry :-
Interest Paid A/c Dr. 10000
(Grouped under Indirect Exps.)
To Mr. X A/c 10000
(Grouped under Unsecured Loan)
(Narration : 12% interest charged)
Please explain the above journal entry.
Regards,
Devendra
Interest Paid A/c Dr. 10000
(Grouped under Indirect Exps.)
To Mr. X A/c 10000
(Grouped under Unsecured Loan)
(Narration : 12% interest charged)
Please explain the above journal entry.
Regards,
Devendra
25 March 2011
This entry is passed on payment of Interest on Unsecured Loan taken. But here 1 entry of TDS is missing as TDS u/s 194A is required to be deducted on payment of interest.
Here interest paid is debited and the party account is credited.
Here interest paid is debited and the party account is credited.
Message likes :
1 times
12 June 2011
Yes CMA Sanjay Gupta is right subject to the limit mentioned is u/s 194A
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