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Emi cheque

Prashant (Manager - Overseas) (97 Points)

14 November 2011

I want to know about Post Dated chq against Business Loan. EMI's are ends in Oct 2015. We gave PDC till 2015 against that Loan.

Now I want to enter the entire PDC in Tally. So How I pass the Entry for Next 3 - 4 years in advance? Is it possible to enter the PDC's for the year 2012 - 2013 - 2014 - 2015 in this year (as of 14 Nov 2011)?

I have to show the exact Pending Loan amount as on 30 Dec 2011 (Year End) but I want to show the PDC also. How it possible?

Please help me.....

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Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 14 November 2011

You cannot show the PDC for the next 4 years now as nothing has beeng paid by you for the next 4 years in the current F.Y. What you will be showing is only the amount you are bing paying each month and deducting the principal form the loan amount & charign the interest to P&L.

Showing the PDC's for the next 4 yrs in the current FY would not be a prudent commercial practice.

You also cannot pass the entries of the PDC's for the enxt 3 years in the Current Year as there is no cash outflow right now. Also the charges have not accrued to you.

For your information you can obtain a amortization statement from your bank & then post the entries for the next 4 eyars in the respective years to which the charges relate.

Hope the above would resolve your query.

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