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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Gupta Sachdeva & Co. Chartered Accountants
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