Regarding pcfc interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 I have taken PCFC from Bank and bank have charged Interest/debited interest from my current account. What is the treatment of interest in books of accounts

Pls reply

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 August 2013 Debit interest a/c under financial expenses

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 But Bank has debited the interest from Current Account is the deduction by bank from Current Account is right?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 August 2013 check the loan agreement for which account you have given for debit the interest. some time bankers if you are not provided the interest in particular account they may debit the current a/c if the loan agreement permits

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