O/s. bal. of hsg loan a/c increased, journal entry ?
This query is : Resolved
CA Abhishek Singh
(Querist)
11 May 2012
Hello everyone,
one of may client has defaulted in emi payment due to this o/s. principal started increasing instead of decreasing.
opening o/s. balance was rs.500000
and closing o/s. balance was rs.600000
what journal entry should be passed to give effect in Books of accounts ?
one of may client has defaulted in emi payment due to this o/s. principal started increasing instead of decreasing.
opening o/s. balance was rs.500000
and closing o/s. balance was rs.600000
what journal entry should be passed to give effect in Books of accounts ?
CA CS Amit S. Kedia
(Expert)
12 May 2012
Dear Mr. Abhishek,
You may pass the following entry-
Loan default charges A/c Dr XXXX
To Outstanding Loan A/c XXXX
(Being Loan Default fees charged by the Bank for default in making payment of EMI)
Note:- You can change the nomenclature used.
You may pass the following entry-
Loan default charges A/c Dr XXXX
To Outstanding Loan A/c XXXX
(Being Loan Default fees charged by the Bank for default in making payment of EMI)
Note:- You can change the nomenclature used.
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