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
Rupesh Jain
(Expert)
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Applicability of tax on invoice
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- 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
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
