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Abhishek Selvam O   29 September 2020

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.


 3 Replies

Jayendra

Jayendra (student)     29 September 2020

Bank charges/late payment fees account which will be taken to p&l at the year end
1 Like
RAJSHREE MUNDRA

RAJSHREE MUNDRA (CA)     29 September 2020

Bank charges for late payment account should be debited
Rohit Patel

Rohit Patel   30 September 2020

And I guess it will go under Finance cost in profit & loss statement

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