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Loan entry
Hello friends
Mr. X has taken home loan against his residential flat. As value of flat was increased , he took mortgage loan against same property. Mr X & Mrs. X are joint owner of property. Mrs X is also business women. Mr. X has shown home loan in his books & Mrs.X has shown mortgage loan in her books of a/c. Both emi of loan are being paid via joint a/c of them.
How to pass entry of it?
Please guide
Replies (3)
Entry in the books of Mr. X
Home Loan A/c Dr. (Full EMI, irrespective of Joint A/c)
Cash / Bank A/c Cr.
Entry in the books of Mrs. X
Mortgage Loan A/c Dr. (Full EMI, irrespective of Joint A/c)
Cash / Bank A/c Cr.
thanks kunal sir...how can we show joint bank a/c in both books of a/c?
As Home Loan A/c exist only in the books of Mr. X & Mortgage Loan A/c exist only in the books of Mrs X, Hence, Joint A/c need not be shown.
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