a school fees can 84000/-
i pay this through emi -12500/-
how to get entry in accounting?
These are your drawings .
do entry through capital account.
3 Replies
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 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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