23 December 2013
In my company 2 entries are made for payment of interest in EPC A/c as follows, In EPC A/c 1)Bank interest EPC limits 1,99,525 To. Bank EPC A/c 1,99,525 In CC A/c 2) Bank EPC A/c 1,99,525 To.Bank CC A/c 1,99,525 Why this practice is followed, is it correct? If yes, then why?