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(Querist)
17 February 2012 Dear sir,

we take loan as on 27.07.2011 & this loan paid on 16.08.2011 at the time of taken laon we decided 1% interest now how calculate interest & pass entry in our books
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CA Sumat Singhal

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CA Sumat Singhal (Expert)
17 February 2012 at the time of taking loan
Bank
to loan

at the time of repayment
loan
interest
to bank

at 31st march
P&L
to interest
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CA Sumat Singhal

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CA Sumat Singhal (Expert)
17 February 2012 interest should be calculated on no of days basis of loan outstanding.
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