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CC & Term Loan interest.
Dear Sir, Proprieties have 3 Term Loan and 2 CC Loan account Interest from All Loan account FY 2023-24 is Rs.991000/- Where 661000/- Interest as Term loan. Proprietor have taken term loan from shop and home propety. proprietor but he used Loan amount for Business purpose. So can we adjust Term Loan Interest Rs.661000/- to owner,s Capital account and Rs. 330000/- CC Interest to PNL Account Please advise Sir,
Replies (6)
Yes, you can do that, as actually you are debiting lower side to business expenses.
Sir,
While prepare Capital account Can we inculde term loan interest as a drawing. or need to mention seperate tram.loan interest Rs. 6661000/-
While prepare Capital account Can we inculde term loan interest as a drawing. or need to mention seperate tram.loan interest Rs. 6661000/-
Dr to Term loan interest, separately.
Thank you very Much Dhirajlal Sir,
You are welcome.
You are welcome.
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