Emi purchases of fixd nd current asset

when you purchase the above assets on loan, then you will create an loan account for teh above under Non-current liabilities.  

While paying the emi the interest component would go to P&L and principal would get reduced from the loan account.  For loan taken for furniture you cant capitalize teh interest to furniture. It shud go to P&L

As the furniture is put to use for more than 180 days the full depreciation as per I-T act would be applicable. In financial books depreciation as per SLM/WDV as the case may be should be charged.