Loan entry in tally
Sayed Nabil (385 Points)
30 November 2021
20 lakh ka 12% interest p.a kay hisaab se iski entry tally prime kaise hogi.
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 01 December 2021
Interest on loan a/c dr
to bank a/c
to bank a/c
Varshit Shah
(Self Employed)
(676 Points)
Replied 01 December 2021
If you have already paid the interest then entry would be the same as mentioned by @ sourav
but if it is not paid then instead bank a/c you need to park entry either into Interest payable a/c (Under outstanding expenses under current liabilities ) or you can park into the ledger to whom the loan is borrowed.
pls not as the Interest amount would be more than the threshold limit you.may have to deduct TDS @ 10%. Then one additional entry needs to be parked as
interest payable or borrower's a/c.........Dr
to TDS on interest a/c
but if it is not paid then instead bank a/c you need to park entry either into Interest payable a/c (Under outstanding expenses under current liabilities ) or you can park into the ledger to whom the loan is borrowed.
pls not as the Interest amount would be more than the threshold limit you.may have to deduct TDS @ 10%. Then one additional entry needs to be parked as
interest payable or borrower's a/c.........Dr
to TDS on interest a/c
Ayush
(Executive )
(6760 Points)
Replied 26 July 2023
Bank Loan Received
Bank a/c.....Dr
To Loan a/c
Bank Loan Repayment
Loan a/c.....Dr
To Bank a/c
Loan Interest Charge by Bank
Interest a/c.....Dr
To Loan a/c
nayeem akhter
(2 Points)
Replied 01 February 2024
i bought CROMA TV by baja finance , how to pass journal entry 1st time and monthly emi how to make entry
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