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Journal Entry - Doubt

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(Querist)
25 March 2011 I came across a Journal Entry :-

Interest Paid A/c Dr. 10000
(Grouped under Indirect Exps.)
To Mr. X A/c 10000
(Grouped under Unsecured Loan)

(Narration : 12% interest charged)

Please explain the above journal entry.



Regards,
Devendra
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
25 March 2011 This entry is passed on payment of Interest on Unsecured Loan taken. But here 1 entry of TDS is missing as TDS u/s 194A is required to be deducted on payment of interest.

Here interest paid is debited and the party account is credited.
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Pankaj Gandhi Jaiswal

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Pankaj Gandhi Jaiswal (Expert)
12 June 2011 Yes CMA Sanjay Gupta is right subject to the limit mentioned is u/s 194A
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