Accounting entry rectification
deepali agarwal (Company Secretary) (1289 Points)
22 June 2013deepali agarwal (Company Secretary) (1289 Points)
22 June 2013
Karthik Venkatram
(Chartered Accountant)
(247 Points)
Replied 22 June 2013
OMG !!!!
the entry would be :
Interest on Housing Loan a/c Dr
To Bank
(Assuming he is an Individual and Ignoring Borrowing costs)
deepali agarwal
(Company Secretary)
(1289 Points)
Replied 22 June 2013
n what about repayment??
n how shud i rectify it?
Karthik Venkatram
(Chartered Accountant)
(247 Points)
Replied 22 June 2013
FOR PRINCIPAL REPAYMENT :
xxxx BANK HOUSING LOAN A/C DR
TO ****BANK
deepali agarwal
(Company Secretary)
(1289 Points)
Replied 22 June 2013
k..but one more prob is there we can make adjustments from April 2012 but what adjustment Entry shall be made for the entries executed already in 2011-12???
Karthik Venkatram
(Chartered Accountant)
(247 Points)
Replied 22 June 2013
Pass a Transfer Enrty through "Journal "
B.SEKAR
(manager-accts.)
(61 Points)
Replied 25 June 2013
Dear it is simple.
House a/c is debited instead of Housing loan a/c. crediting bank a/c is correct. you can pass a journal in any year as Housing loan a/c (it it is repayment) debit and credit the house a/c.
B.SEKAR (ANY CLARIFICATION MAIL TO machenggco @ bsnl.in)
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)