Reduction of Interest On Unsecured Loans

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7 Points Posted on 16 August 2020
Can we reduce interest on unsecured loans standing in our books ?
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On 16 August 2020 at 17:09 Report
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It is possible to reduce the interest charged on unsecured loans, provided your company's accounts have not yet been finalised. If you've booked excess interest during the financial year, you can make adjustments before closing the books to correct this.

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Practising CA
8954 Points Posted on 16 August 2020
If your accounts are not finalised,then yes you can reduce interest amount
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On 16 August 2020 at 18:44
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Others
1012 Points Posted on 20 August 2020

Hi Rahul, yes, you can reduce interest before closing of books if excess interest booked during the year.

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On 20 August 2020 at 02:22

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