Loan taken entry
Bhavesh (Accounts) (157 Points)
21 October 2024
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(4578 Points)
Replied 21 October 2024
1. Create a liability account: "Home Loan" (Liability)
2. Create an expense account: "Interest Expense" (Expense)
This will bifurcate the principal and interest components.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India