How to treate school fees expenses

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9 Points Posted on 09 August 2020
a school fees can 84000/-
i pay this through emi -12500/-
how to get entry in accounting?
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On 09 August 2020 at 00:51 Report
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Quick Summary
This discussion explains how to account for school fees paid in installments via EMI. The advice suggests treating the payments as drawings from the capital account. A sample journal entry is provided, debiting school fees and interest (calculated separately) and crediting cash for the EMI amount.

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53 Points Posted on 09 August 2020
These are your drawings .

do entry through capital account.
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On 09 August 2020 at 03:19
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Tax Consultant & Practitioner
6195 Points Posted on 09 August 2020

Let's say u pay 84000 in 7 installments (12500*7=87500)

Entry should be 

School fees........ Dr12000

Interst....... Dr500(will be calculated using reverse caln)

To cash 12500

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On 09 August 2020 at 08:14
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9 Points Posted on 29 August 2020
Thanks for help sir.
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On 29 August 2020 at 18:32

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