Regarding moc in bank audit
This query is : Resolved
18 April 2016
Dear sir, Suppose if we find a NPA in bank audit amounting Rs.1,000,00/-(Principal-90,000,interest-10,000) then we write in MOC as decrease in income=10,000/-,then what is the other effect whether to decrease in assets=10,000/- or decrease in liabilities=10,000/-. Please clarify the doubt as early as possible.Thanks in advance.
18 April 2016
decrease in income would effect decrease in assets as entry would be
Interest A/c Dr.
To, Loan A/c(Assets).
Interest A/c Dr.
To, Loan A/c(Assets).
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