hi respected all,
I have taken a loan of Rs. 24,87,788.
Break Up
Gold Loan Rs. 664000
Personal Loan Rs. 10,11,100
Unsecured Business loans Rs. 8,12,688
I am paying regularly. Total interest paid on Rs. 314378.
while gold loan taken on my name but assets is of my wife and mother.
should we show in profit and loss account in debit side as interest on loan Rs. 314378. or only unsecured business loan should taken.
pls guide
CAclubindia
