Interst Paid term loan
Vaneet Monga (Private) (265 Points)
15 May 2024Owner have term loan where yearly interest Rs. 560000/- so Can we transfer interest amount to Capital account. Can we show under profit & Loss account.
Vaneet Monga (Private) (265 Points)
15 May 2024
CA Anoop Kumar Sharma
(Accounts Manager)
(1110 Points)
Replied 15 May 2024
if loan taken for the business than it will be transfer in P&L account. Otherwise it will be part of drawings.
RAJA P M
("Do the Right Thing...!!!")
(127580 Points)
Replied 15 May 2024
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