A secured car loan of Rs 20 lac was obtained on 31.12.2012 on which interest payable was Rs. 296800. The installments were payable in 36 monthly installments of Rs 63800 each. My query is how the entries will be made in the books and how the loan and interest shall be presented in financial statements as per revised schedule vi for the year ended 31.3.2013?
CAclubindia
