20 lakh ka 12% interest p.a kay hisaab se iski entry tally prime kaise hogi.
Replies (4)
Quick Summary
Loan entry in Tally includes Bank Dr to Loan A c on receipt. Interest is recorded as Interest A c Dr to Bank or Interest Payable. EMI splits into principal and interest, with possible TDS on interest.
If you have already paid the interest then entry would be the same as mentioned by @ sourav
but if it is not paid then instead bank a/c you need to park entry either into Interest payable a/c (Under outstanding expenses under current liabilities ) or you can park into the ledger to whom the loan is borrowed.
pls not as the Interest amount would be more than the threshold limit you.may have to deduct TDS @ 10%. Then one additional entry needs to be parked as
interest payable or borrower's a/c.........Dr to TDS on interest a/c