Loan entry

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171 Points Joined June 2012
Hello friends Mr. X has taken home loan against his residential flat. As value of flat was increased , he took mortgage loan against same property. Mr X & Mrs. X are joint owner of property. Mrs X is also business women. Mr. X has shown home loan in his books & Mrs.X has shown mortgage loan in her books of a/c. Both emi of loan are being paid via joint a/c of them. How to pass entry of it? Please guide
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On 14 April 2016 at 17:29 Report
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1037 Points Joined March 2014

Entry in the books of Mr. X

Home Loan A/c Dr. (Full EMI, irrespective of Joint A/c)

Cash / Bank A/c  Cr.

 

Entry in the books of Mrs. X

Mortgage Loan A/c Dr. (Full EMI, irrespective of Joint A/c)

Cash / Bank A/c  Cr.

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On 15 April 2016 at 12:38
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171 Points Joined June 2012

thanks kunal sir...how can we show joint bank a/c in both books of a/c?

 

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On 15 April 2016 at 14:43
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1037 Points Joined March 2014

As Home Loan A/c exist only in the books of Mr. X & Mortgage Loan A/c exist only in the books of Mrs X, Hence, Joint A/c need not be shown.

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On 15 April 2016 at 16:06


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