Home loan
Querist : Anonymous
how to show home loan in balance sheet. house is self occupied.
Last year
Value of the House is Rs. 8 Lakhs
Home loan against it Rs. 4.5 Lakhs
This year
Value of the House is still (No depreciation bcoz self occupied) Rs. 8 Lakhs
Home loan against it Rs. 3.5 Lakhs
Now my question is that how can tally the balance sheet.
owned funds : 3.5 lacs in last year
owned funds : 4.5 lacs in current year
Querist : Anonymous
Capital 3.5 Lakhs
Loan 4.5 Lakhs
Assets
house 8 Lakhs
This year
Capital 3.5 Lakhs
Add Profit 1.5 Lakhs
Less Drawing 1.2 Lakhs
Balance capital a/c 3.8 Lakhs
Home Loan 3.5 lakhs
Total 7.3 lakhs
assets
House 8 lakhs
how can i tally it?
Or, Else increase your profits to Rs 2.2 lacs.
If you are maintaining books of accounts check your accounting entries.
Querist : Anonymous
In that you can show profit from business/any otehr income on income side and interest on home loan on expense side and any other business expense.
The balance is to be added to opening owned funds in balance sheet and deduct drawings thereater.
Querist : Anonymous
It is separate, where you compute your taxable income and tax thereon.
In your books of accounts you have to record all expenses and incomes. Hence in our books we are recording expense only once.
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