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Journal entry

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(Querist)
01 April 2016 i taken a loan on 1/04/2014 Rs.200000. @ 12% from relative.that amount repaid Rs.200000 on 05/05/2014.but we did not pay interest still day . I have to pass journal entry in my books of account . so i requested you tell how to pass journal entry and what amt i have to pay to my relative ?
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
01 April 2016 Loan taken for Personal purpose or for business needs ??
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pratik

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pratik (Querist)
01 April 2016 for purpose of business , we are engage in construction business,
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
01 April 2016 If you have not give any interest then no need to do journal entry.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
01 April 2016 suppose you will pay then entry will be as below
interest a/c dr
to party A/c (loan taken from)
payment entry
party a/c dr
to bank a/c

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