If I take Housing Loan of Rs.2400000/- @ 12.25%pa but in repayment 240 EMI of 26846/- then how do I account in my books in 1st month/year and so on..!
Menu
Housing loan
Replies (1)
assuming you are in business capitalise asset at cost in books and give credit for loan and while making payment for loan namely EMI which has both interest and principal component account the principal payment towards debit of loan account and interest as expense
Recent Topics :
- GST on Fixed Assets
- GST ITC april 22
- GST PAYMENT REGARDING
- GST Consultation Required – June–Augus
- TDS Code for Salary Payment to Non-Resident Intern
- TDS on property
- Company data for software
- Car purchase to be eligible for ITC
- GST Refund on payment to builder
- TDS u/s 194Q on electricity supply by DHBVN etc.
Related Topics :
CAclubindia
