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Home loan receipt entry

Chimanlal (Accountant cum Computer Operator) (45 Points)

25 June 2019

I had taken home loan in the name of my Wife for construction of new house. Bank has given cheque in the name of Contractor, as we had done agreement with contractor. Can anyone help for this points :

How to pass account entry in my wife's account in tally ? Should i have to create account of contractor ?

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3 Replies

Dipesh Jha (PRACTICE ) (673 Points)
Replied 25 June 2019

No...u simply Debit Building A/c and credit Bank A/c....contractor need not play any role in ur books of accounts😊

Hope i am able to solve ur queries....for any further clarification u can personal text me

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(Guest)

Paid by bank to Contractor

Contractor A/c Dr.

To Bank A/c

On complete of construction

(House property / Building / Home) A/c Dr.

To Contractor A/c

DillanBerg (DillanBerg) (22 Points)
Replied 16 October 2022

Lately, I have heard more people thinking of taking mortgages to buy a house. Nowadays, I admit that even cheap house rises to huge prices. Still, you need to find a good mortgage company. We bought our house last year, and we are lucky that we took a mortgage loan from Mortgage Broker Chelmsford. Besides having convenient terms, we understood better what would work for us, and they did everything based on our wishes. I wouldn't hesitate to say that they made our house purchasing a more pleasant experience.