Settlement of laon account in case of direct payment

This query is : Open

yash gupta (Querist)
Follow

17 December 2013 Hello sir,

Suppose a company has taken loan of Rs.3600000,

[A] co. receive Rs. 3400000 through bank:

Bank Dr. 3400000
To Bank loan 3400000

[B] Advance EMI Deducted by bank

Bank loan A/c Dr. 150000
To Bank Loan 150000

[C] Stamp duty[expense of company] directly paid by bank

Stamp Duty Dr. 50000
To Bank loan 50000

Bank Loan Dr. 50000
To ?????? 50000

Now which account should i credit to settle loan account ??

thanx.

Manish Bhandari

Manish Bhandari (Expert)
Follow

17 December 2013 Single entry would help for all
Bank A/c Dr 34,00,000
Stamp Duty A/c 50,000
to Bank Loan A/c 34,50,000
(For advance emi no entry is required as we are booking the net loan received)