Regarding pcfc interest

Save Share

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)
Follow

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)
Follow

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

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!