Settlement of laon account in case of direct payment
This query is : Open
yash gupta
(Querist)
17 December 2013
Hello sir,
Suppose a company has taken loan of Rs.3600000,
[A] co. receive Rs. 3400000 through bank:
Bank Dr. 3400000
To Bank loan 3400000
[B] Advance EMI Deducted by bank
Bank loan A/c Dr. 150000
To Bank Loan 150000
[C] Stamp duty[expense of company] directly paid by bank
Stamp Duty Dr. 50000
To Bank loan 50000
Bank Loan Dr. 50000
To ?????? 50000
Now which account should i credit to settle loan account ??
thanx.
Suppose a company has taken loan of Rs.3600000,
[A] co. receive Rs. 3400000 through bank:
Bank Dr. 3400000
To Bank loan 3400000
[B] Advance EMI Deducted by bank
Bank loan A/c Dr. 150000
To Bank Loan 150000
[C] Stamp duty[expense of company] directly paid by bank
Stamp Duty Dr. 50000
To Bank loan 50000
Bank Loan Dr. 50000
To ?????? 50000
Now which account should i credit to settle loan account ??
thanx.
Manish Bhandari
(Expert)
17 December 2013
Single entry would help for all
Bank A/c Dr 34,00,000
Stamp Duty A/c 50,000
to Bank Loan A/c 34,50,000
(For advance emi no entry is required as we are booking the net loan received)
Bank A/c Dr 34,00,000
Stamp Duty A/c 50,000
to Bank Loan A/c 34,50,000
(For advance emi no entry is required as we are booking the net loan received)
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