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CA Loan Bajaj Finserv

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Loan entry


(Querist)
If we took an unsecured loan of rs 5lakh @15%p.a in april-19 from ram. Accounting entry for
interest will be this
At the end of year
Interest Dr. 75000
To int.on ram's loan A/c 67500
To Tds payable 7500
Or credit to ram's account but if we credit to ram's account it will increase loan or principal amount.
Plz suggest how to do accounting



Dr Interest expence a/c
Cr TDS Payable[Current Liability]
Cr Interest Payable Ram loan[Current Liability]




On Payment

Dr Interest Payable
Cr Bank



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