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
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