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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Banking Related Issue
- ITR-3 File/Error Found
- TDS offline utility
- Due Date Clarity
- Gst on travel by air for business purposes
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Error in uploading Form 10BD
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
