Interest payable

197 views 3 replies

Accountant

139 Points Joined April 2016

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

Replies (3)

Chartered Accountant

86505 Points Joined April 2011

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

CA Final

618 Points Joined August 2012

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

Accountant

139 Points Joined April 2016

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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