This transaction pertains to Error of Omission.
The same will be corrected in the subsequent year.
However, we should ensure that the Current year Income or Profit is not effected because of this.
In this example, Record the liability in the current year and if the transaction is effecting the P&L then, Charge it after arriving the Net income.
1. Record the liability
2. JE for the P&L Effect:
Interest on Loan is adjusted as a prior period item after arriving current year income..
Hope this clarifies !