hi any body
new company established in last year 1-4-2015 so it is new building construction for company
and we can maintains the accounts
so on that time company purchase one new car with bank loan
so how can pass the entries in tally
for exampls loand amount is 1540000/-
and principal amount is 23737
and intrest amount is 8984
loand processing fee 3993
and every month instalment is 32721/-
so pls expalain brief and with undurgroupin allso
so pls
Hi Krishna,
1. When you receive the loan after deducting processing fees, you pass the entry
bank a/c.....dr (Loan amt rcvd.) (under current Assets)
Processing fees a/c......dr (processing fees amt.) (under indirect expenses)
to Loan a/c(loan amount applied for) (under loans-liability)
2. when you pay the installment
Loan A/c ......dr (Installment amt.) 23737/-
Interest a/c...dr (indirect expenses) 8984/-
to bank a/c (amt of installment) 32721/-
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