I took loan from vikas Rs.50,000/-
interest rate is 10%
I gave Interest after March
what will be the journal entry for interest payable
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journal entry
Replies (5)
HELLO RAKESH,
The same entry shall be as follows:
Interest on Loan A/c Dr 5000
To Loan from vikas 5000
closing balance is 55,000/- correct sir
Yes, you are right
Interest on Loan A/c Dr. 5000
To Vikas 5000
interest on loan A/C DR 5000
Interest Payable A/C 50000
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