We have accepted a bills payable of 90 days with 1 % interest on2.5 lacs So how we can journalize the same ?
Menu
Urgent!!!!!!!!
Replies (4)
purchase debit, party name credit
party Dr.
to B/p Cr.
no entry for interest charges now...
Party a/c Dr. 2,50,000
Interest A/c Dr. amount of interest
To Bills Payable Total amount
B/P A/c dr.
to Party a/c
(On accepting the bill)
Party A/c Dr.
to Interest on B/P
(On charging income on B/P)
It should be in my opinion
Recent Threads
- Gst interest and penalty doubts regarding missing
- Import of goods IMS telated
- ITR 6 submitting Problem
- Partnership Firm Closure Process
- Why the Costing Department Is Important ?
- Difference in efiling portal and intimation order
- Income tax challan correction
- AGM WITH SHORTER NOTICE
- 15CA/15CB Bulk Filing Automation Tool – Need
- GSTR 9 FY 2023-24 LATE FEE
Related Threads
CAclubindia
