Interest payable

Acct. Harsha (Accountant) (139 Points)

06 May 2017

1) Interest payable A/c To Creditors A/c 2) Creditors A/c To Bank A/c Please help me how to settle the interest payable A/c

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3 Replies

CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 06 May 2017

P&L A/c
To Interest Payable A/c

Mahesh Babu (CA Final) (618 Points)
Replied 10 May 2017

Interest (Expense) A/c Dr. (P&L a/c) at the time of creation of Ledger
To Interest payable a/c. (Liability, BS Item)

Acct. Harsha (Accountant) (139 Points)
Replied 13 May 2017

but P & L A/c is already created in Tally Software

so I am not able to pass this entry.

Is there any other way.

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