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Bank loan entry

Abhishek Selvam O   29 September 2020

Abhishek Selvam O

 12 likes  312 points

| My Other Post

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.

Jayendra (student)     29 September 2020

 18 likes  196 points

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

1 Like

RAJSHREE MUNDRA (CA)     29 September 2020

 2 likes  46 points

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Bank charges for late payment account should be debited


Rohit Patel   30 September 2020

Rohit Patel

 15 points

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

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