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Bank loan entry
Loan borrowed for Rs.5000000 and all the installments have been paid but after last installment bank charged rs.20000 since some installments have been paid late now which account should I debit if I debit bank loan account then it shows Rs.20000 debit balance in that account.
Replies (3)
Bank charges/late payment fees account which will be taken to p&l at the year end
Bank charges for late payment account should be debited
And I guess it will go under Finance cost in profit & loss statement
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