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Interest paid account to loan account
How to do journal entry as interest paid account to loan account and add the interest amount to loan account
Replies (4)
Interest A/C dr to interest payable A/c.... And interest payable A/c to bank loan a/c.... Bank loan A/c dr to bank ac... When paid... Hope now it clear
Dr. Interest A/c - XXXX
Cr. Loan A/c - XXXX
Dr. Loan A/c - XXXX
Cr. Bank Account - XXXX...
Cr. Loan A/c - XXXX
Dr. Loan A/c - XXXX
Cr. Bank Account - XXXX...
I am asking as if I have taken a loan of 50000 from a person and I don't pay him interest in cash or cheque rather I did like this I passed journal entry as interest paid account to loan account and added the interest amount to loan account is it right
Ya it is right... Ur outstanding loan ac will increase
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