Interest on car loan

Do you mean entry is missing in the books of company for interest expense on car loan? If yes, even if you make entry this year, the same will not be allowed as expense for the year (for the purpose of IT) and will be treated as prior period expense. If the amount is not significant, then you can make the entry this year and let it to be treated as prior period expense. But if the amount is significant, then you need to revise financials as well as ITR of last year. This will be a cumbersome process.

if i treated as prior period exp what is the entry ?

Entry is same as usual.

Interest on Car loan Dr

To Creditor/Loan/Bank account (as applicable)

But in the notes to account, this has to be disclosed as prior period expense.

IS THIS PAYMENT ENTRY OR JV?

THANK YOU MAM

simple JV..as there is no cash or bank involved..:)

thankx everybody