Housing loan entry in tally

Hi prabhu, This statement is not sufficient for accounting, as it doesnt provide interest-principal bifurcation. But you can book loan processing charges and interest on advance using this statement. However, from the inception of Paying EMIs, you need to know the actual interest debited in the loan account by the bank. For that, you may contact the bank to issue one. Its true that we can etimate the interest using financial calculators, but in most of the cases, it may not be the actual interest debited. So its always advisable to get the statement showing correct interest.

debit the property(make it fixed asset) i.e 60lacs...dr -- to cash/bank 20lacs--to loan a/c 40lacs...

make a loan a/c(long term liab/noncurrent)...make interest from loan a/c....when u pay the loan deduct principal amt from loan a/c and interest from interest a/c...interest a/c is current a/c though..

Thank you sir

Dear Sir ,

            Kindly check the statement up-right side they are provide intrest paid and pricipal paid . i am waiting for your  answer .

Thanks,

Prabhu

U can do the accounting this way if u want...

put the principal repayments in debit of loan a/c...i.e debit the loan a/c with Rs. 57,491...

put the interest repayments in interest on loan a/c...(this amount goes to profit and loss, that is y its better to keep it seperate)..... so debit interest on loan a/c with Rs. 2,05,656...

(alternatively u can prepare single a/c for loan, but this one is easier to undrstand) 

if u still dont undrstand u can PM me

Sorry Sir , I can not understand . i really confused about the Loan statement . 

i am sorry...i donno how to explain properly 

ok sir , thanks your support . 

ok sir , thanks your support . i have knowledge only OD and CC A/c , without knowledge in housing Loan

ur welcome....if u want i can give u my number and u can whatsapp me...

+91 9025844433 my whatapp

u need to text me on whatsapp buddy..

9987173688... my name is ubaid just tell me that u are from CCI ill reply when i have the time :D

MR.PRABHU ENTRY FOR HOME LOAN WOULD BE AS FOLLOWS:

WHEN YOU PAY ADVANCE 

1. SELLER DR. XXXX

   TO BANK/CASH A/C XXXX

WHEN PROPERTY IS PURCHASED AND TOTAL AMOUNT IS PAID

2. PROPERTY DR. XXXX

   TO SELLER A/C XXXX

   TO LOAN A/C XXXX

3.WHEN YOU THE PAY LOAN INSTALLMENT:

 LOAN A/C DR. XXXX

 INTEREST ON HOME LOAN A/C DR. XXXX

  TO BANK/CASH A/C XXXX

 

ALSO YOU WOULD BE ELIGIBLE FOR BENEFIT OF REGISTRATION FEES PAID FOR PURCHASE OF PROPERTY AND PRINCIPAL AMOUNT OF LOAN UNDER SECTION 80C OF INCOME TAX ACT, 1961 AND INTEREST UNDER HOUSE PROPERTY HEAD.

1.Property a/c dr-60,00000/-

Cash ( Seller Name) cr-20,00000/-

Bank Loan Account ( Ex- ICICI bank loan a/c) dr-40,00000/-

Narraction- Property purchased.

 

2. Loan  installment -

Bank loan A/c dr - 57491

Interest - 15.5- ******** dr

Bank A/c( if paid by cheque)= ******* ( EMI+ Int)