How to prepare journal entries for a Motgage Loan
This query is : Resolved
22 November 2019
Hello Sir,
I am working in a Pvt. Ltd. Company and a Mortgage Loan is taken by Company.
I am confused, how to pass journal entries.
In Bank Statement some amount is debited in the name of "SI Paid", then some amount is debited and credited too in the name of "Mortgage Link O/D Product".
And some amount debited in the name of "Applicable Tax and SI Paid" and the same amount is credited in the name of "Annual fee & GST"
These transactions are in recurring nature.
Please help me to pass journal entries.
Thank you in advance
I am working in a Pvt. Ltd. Company and a Mortgage Loan is taken by Company.
I am confused, how to pass journal entries.
In Bank Statement some amount is debited in the name of "SI Paid", then some amount is debited and credited too in the name of "Mortgage Link O/D Product".
And some amount debited in the name of "Applicable Tax and SI Paid" and the same amount is credited in the name of "Annual fee & GST"
These transactions are in recurring nature.
Please help me to pass journal entries.
Thank you in advance
22 November 2019
Please give the abbreviation for the following
SI paid
Please explain the nature of transaction for the following
Mortgage loan/ OD Product
Applicable tax paid
Annual; fees & GST
SI paid
Please explain the nature of transaction for the following
Mortgage loan/ OD Product
Applicable tax paid
Annual; fees & GST
22 November 2019
For SI, "HOME SI" is mentioned" in bank statement and there is no other explanation. In Loan Statement "SI for Apr'19 Received" is mentioned.
And for rest of the transactions only these Terms are mentioned,which i explained in my Query. And same terms are using in Loan Statement too.
All transactions are repeating in every month in the same manner.
And for rest of the transactions only these Terms are mentioned,which i explained in my Query. And same terms are using in Loan Statement too.
All transactions are repeating in every month in the same manner.
22 November 2019
Please get the details from bank . This is absolutely necessary to understand the nature of debit and reply to the query.
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