Interest paid account to loan account
Vikash (G) (393 Points)
08 December 2017
How to do journal entry as interest paid account to loan account and add the interest amount to loan account
4 Replies
Divakar
(Student CA Final )
(11857 Points)
Replied 08 December 2017
Interest A/C dr to interest payable A/c.... And interest payable A/c to bank loan a/c.... Bank loan A/c dr to bank ac... When paid... Hope now it clear
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 December 2017
Dr. Interest A/c - XXXX
Cr. Loan A/c - XXXX
Dr. Loan A/c - XXXX
Cr. Bank Account - XXXX...
Cr. Loan A/c - XXXX
Dr. Loan A/c - XXXX
Cr. Bank Account - XXXX...
Vikash
(G)
(393 Points)
Replied 08 December 2017
I am asking as if I have taken a loan of 50000 from a person and I don't pay him interest in cash or cheque rather I did like this I passed journal entry as interest paid account to loan account and added the interest amount to loan account is it right
Divakar
(Student CA Final )
(11857 Points)
Replied 08 December 2017
Ya it is right... Ur outstanding loan ac will increase
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