loan take form bank for house but cheque issue in the name of builder
and emi deducted from loan taker
question is hw should i pass account entry for purchase a house (loan laken )
since cheque of loan amount is taken by a builder
loan take form bank for house but cheque issue in the name of builder
and emi deducted from loan taker
question is hw should i pass account entry for purchase a house (loan laken )
since cheque of loan amount is taken by a builder
CA Janardhana Gouda
(Chartered Accountant)
(60 Points)
Replied 06 August 2013
Dear Samir,
The following entry is to be passed at the time of taking Loan
1. Bank account ........ Dr
To Bank loan a/c
( Even though you will give cheque in Builder Name)
( While giving Cheque< Builder A/c......Dr and Bank Cr )
i think its correct............................................... from janardhan
J Koteswararao
(Accounts)
(21 Points)
Replied 08 August 2013
we need to write two entries for that
1. for purchase of house
Asset A/c.. Dr
Builder A/c
2. for payment made by bank means loan
Builder a/c.. dr
Bank Loan a/c
Ashwini. K
(Partner in KGR&CO)
(96 Points)
Replied 08 August 2013
For Purchase of House, entry would be :
Building account ..................Dr
To Builder's Account.
For taking loan from bank and issuing the same cheque to builder, entry would be :
Builder's Account ...................Dr
To Bank Loan Account.
When EMI is paid then entry would be
Bank Loan account .............. Dr (To the extent the amount pertains to the installment)
Interest Account ......................Dr
To Respective Bank Account.
I hope my answer would be usefull.
thamilzharasi p s
(2 Points)
Replied 15 June 2023
The information and the aspect were just wonderful. I think that your viewpoint is deep, it’s just well thought out and truly incredible to see someone who knows how to put these thoughts so well. Good job!
Learn more https://www.sundaramhome.in/loans/loan-against-property
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
CAclubindia
