Dear friends
bank charged interest on loan for the period 29/3/10 to 25/4/10 for the amount of 16963.what will the provision entry for 3 days and what for 25 days
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interest on loan
Replies (3)
Rs.1,817 for 3 days and Rs.15,146 for 25 days
As on 31-03-2010
Interest a/c Dr. 1817 P/L item
To Interest accrued but not due a/c 1817 Current liability
On 25-04-2010
Interest a/c Dr. 15146 P/L item
To Interest accrued and due a/c 15146 Loan funds - liability
Interest accrued but not due a/c Dr. 1817 Current liability
To Interest accrued and due a/c 1817 Loan funds - liability
Good reply gokul..............
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