Loand & interest
This query is : Resolved
29 May 2013
Sir/madam,
An unsecured car loan of Rs 20 lac was obtained on 31.12.2012 on which interest payable was Rs. 296800. The installments were payable in 36 monthly installments of Rs 63800 each. My query is how the entries will be made in the books and how the loan and interest shall be presented in financial statements for the year ended 31.3.2013?
Thanks in advance
An unsecured car loan of Rs 20 lac was obtained on 31.12.2012 on which interest payable was Rs. 296800. The installments were payable in 36 monthly installments of Rs 63800 each. My query is how the entries will be made in the books and how the loan and interest shall be presented in financial statements for the year ended 31.3.2013?
Thanks in advance
30 May 2013
when you make payment entry then
you have to bifrucate the amount Rs. 63800 into principle and intt.
as metion your repayment schedule or
you have to collect a/c statement from loan co.
you have to bifrucate the amount Rs. 63800 into principle and intt.
as metion your repayment schedule or
you have to collect a/c statement from loan co.
15 July 2013
There are two componants of repayment. One is Principal and the other is interest. Now, if you are making the payment. Divide interest by 36 and principal by 36.
On payment debit interest on car loan
Debit the fiancer if it is bank then bank
crdit your bank account.
On payment debit interest on car loan
Debit the fiancer if it is bank then bank
crdit your bank account.
15 July 2013
There are two componants of repayment. One is Principal and the other is interest. Now, if you are making the payment. Divide interest by 36 and principal by 36.
On payment debit interest on car loan
Debit the fiancer if it is bank then bank
credit your bank account.
On payment debit interest on car loan
Debit the fiancer if it is bank then bank
credit your bank account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- GST rate and HSN code for sale of racing horses
- DIN reactivation
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Eway bill generation from place other than registeted
- Condonation . E-Verification of last year return .
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- CREDIT NOTES WITHOUT GST
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Depreciation of fixed assets- coop housing society in mumbai
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
