Accounting entry rectification

OMG !!!!

the entry would be :

Interest on Housing Loan a/c Dr

         To Bank

(Assuming he is an Individual and Ignoring Borrowing costs)

n what about repayment??

n how shud i rectify it?

FOR PRINCIPAL REPAYMENT :

xxxx BANK HOUSING LOAN A/C DR

TO ****BANK

k..but one more prob is there we can make adjustments from April 2012 but what adjustment Entry shall be made for the entries executed already in 2011-12???

Pass a Transfer Enrty through "Journal "

Dear it is simple.

House a/c is debited instead of Housing loan a/c. crediting bank a/c is correct. you can pass a journal in any year as Housing loan a/c (it it is repayment) debit and credit the house a/c.

B.SEKAR (ANY CLARIFICATION MAIL TO machenggco @ bsnl.in)