Loan entry
This query is : Open
03 March 2021
If we took an unsecured loan of rs 5lakh @15%p.a in april-19 from ram. Accounting entry for
interest will be this
At the end of year
Interest Dr. 75000
To int.on ram's loan A/c 67500
To Tds payable 7500
Or credit to ram's account but if we credit to ram's account it will increase loan or principal amount.
Plz suggest how to do accounting
interest will be this
At the end of year
Interest Dr. 75000
To int.on ram's loan A/c 67500
To Tds payable 7500
Or credit to ram's account but if we credit to ram's account it will increase loan or principal amount.
Plz suggest how to do accounting
04 March 2021
Dr Interest expence a/c
Cr TDS Payable[Current Liability]
Cr Interest Payable Ram loan[Current Liability]
On Payment
Dr Interest Payable
Cr Bank
Cr TDS Payable[Current Liability]
Cr Interest Payable Ram loan[Current Liability]
On Payment
Dr Interest Payable
Cr Bank
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