O/s. bal. of hsg loan a/c increased, journal entry ?

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CA Abhishek Singh (Querist)
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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 ?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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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.

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