09 September 2016
loan amount is 1558370.
net amount received 1485311.
insurance 3999.
processing fee .30196
intrest on loan. 24290.
1st emi. 14575. .
what is the journal entry. how to proceed
11 September 2016
Bank Account Dr 14,85,311 Insurance Charges Account Dr 3,999 Loan Processing Fees Account Dr 30,196 Interest on Loan Account Dr 24,290 Loan Account (First EMI) Dr 14,574 To Bank Loan Account 15,58,370 (Being the loan amount sanctioned by ............ Bank vide sanction letter......... dated......., amount received from Bank, Charges on Insurance, Loan processing fees, Interest on Loan and First Installment of Loan amount adjusted)
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