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Accounting of interest on housing loan
sir plz can anybody let me know regarding interest on housing loan. whether it should be taken as indirect exp or debited to capital a/c
Replies (2)
Debited to Capital A/C if its for the personal purpose of proprietor
If the property is shown as the assets of the firm, it should be treated as indirect expenses Or else, it can be debited to Capital A/c.
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