ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Journal entry 21

Vijendra A (20 Points)

23 October 2021  

A company pays emi of Rs 75000- 60000 towards loan  and balance towards interest.  Account  for the payment


 5 Replies

CA ABHAY GUPTA (Practice) (3134 Points)
Replied 23 October 2021

Dr interest on loan 15000
Dr Loan account 60000
Cr Bank account 75000
(being EMI paid)
1 Like

yasaswi gomes (My grammar is 💯 good I)   (6495 Points)
Replied 23 October 2021

This is complex. Loan, if you took it n the middle of the year’s, you can pay 6 months clear out the current liabilities and show long term liability. If it is annual emi, then

take the loan amount and divide it by last year’s annuity factor which will give you interest and principle separately. 

1 Like

yasaswi gomes (My grammar is 💯 good I)   (6495 Points)
Replied 23 October 2021

I didn’t mean emi, lol an old habit. I meant repayment period

1 Like

Sourav (Student) (23796 Points)
Replied 23 October 2021

Agree with abhay ji
1 Like

Vijendra A (20 Points)
Replied 24 October 2021

Thank you abhay ji and yasaswi
1 Like

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading



Subscribe to the latest topics :
Search Forum:

Trending Tags