vinayak c. chavan (CPT passed) (1011 Points)
02 August 2012How should I calculate Interest on loan received from Partners? Should I calculate at the year end or while making payment for it? I am using Tally software.
Tejash Fafadia
(Article)
(78 Points)
Replied 02 August 2012
| Originally posted by : vinayak c. chavan | ||
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How should I calculate Interest on loan received from Partners? Should I calculate at the year end or while making payment for it? I am using Tally software. |
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EVEN IF LOAN IS UNPAID AT YEAR-END, YOU SHOUDL CALCULATE THE INTEREST AT YEAR END AS PER MATCHING CONCEPT WHICH SAYS EXPENSES FOR TEH PARTICULAR YEAR SHOULD BE DEBITED IN THE SAME YEAR..... IF THE LOAN IS PAID BEFORE YEAR END, THEN DEBIT THE INTEREST EXPENSE AT THE TIME OF PAYMENT ONLY....
PLS FEEL FREE TO ASK IF U NEED MORE CLARIFICATIONS...
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