Car Loan A/cing entry

Mr.Ramikhalsa, i guess the info. provided by you in regard to EMI per month is wrong. It must be Rs.47874.00.

When loan is received:

DEBIT            Bank  A/c.       15,00,000.00

CREDIT         Loan A/c.        15,00,000.00

When you repay your instalment:

DEBIT        Loan A/c.        With Principal amount contained in the instalment

DEBIT        Interest on Loan A/c    With the amount of Interest in the instalment

CREDIT     Bank A/c.                   With the whole instalment amount.

Dear Sir,

How to pass car loan pre close entry