Please guide me on the following:
A Pvt Ltd Co has taken Loan of Rs 5,00,000 from Director's wife .
Repaying Rs 7500/- as monthly Installment. How do one accrue Interest (10%) on half yearly basis on the above loan on Reducing Balance method.
Sal (Self employed) (91 Points)
16 September 2011Please guide me on the following:
A Pvt Ltd Co has taken Loan of Rs 5,00,000 from Director's wife .
Repaying Rs 7500/- as monthly Installment. How do one accrue Interest (10%) on half yearly basis on the above loan on Reducing Balance method.
HITESH
(CA STUDENT)
(50 Points)
Replied 17 September 2011
Hi,
In this case, Accrued Interest for first half will be around 24600
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