Unsecured loan
This query is : Resolved
13 March 2012
i am proprieter of individul firm and have some unseured laons where shell i laible to pay intrest on the loan amount what is the treatment of that intrest amount in my book of account
15 March 2012
Interest payment will be governed by the agreement between the borrower and the lender. If the agreement provide for payment of interest then you will have to pay interest.
Such interest is an allowable expense.
Entry will be:
Interest on loan Dr.
To Lender A/c
Such interest is an allowable expense.
Entry will be:
Interest on loan Dr.
To Lender A/c
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