i want to know the accounting treatment for the EMI paid to bank.
Sir My ques is how can i pass the journal entire in the book of the company for the payment of EMI to bank, sir our company has taken a loan from the SIDBI and company paying emi to them, kindly help me sir.
05 June 2011
Since payment is made so bank definately will be credited and now you have to choose debit transaction that how much will be debited as a loan and how much will be debited as a interest this bifurcation will be made as per bank statement provided to you
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