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It for ay 2016-17
we have a bank loan in current A/c, monthly installment Rs.10000/- is auto debited. therefore as per bank statement these transactions are tallied & reconciled as well.
Now my CA asked me to show the principal amount & interest on loan paid monthly.
Please tell me how to pass these entries ?
Pls specify accounting heads & voucher type
Replies (4)
you can get certificate from your bank regarding principal amount and Interest amount
Could you pls tell me the entry ?
1. Bank Loan Account Dr......Rs. 10000/-(secured Loan)
To Current Account/Cash/Bank...........Rs. 10000/-(Bank Account)
2. Interest on Loan Dr............Rs.(indirect Expenses)
To Bank Loan Account .................Rs. (Secured Loan)
Entry ..1 Payment Voucher
Entry..2 Journal Voucher
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