We have accepted a bills payable of 90 days with 1 % interest on2.5 lacs So how we can journalize the same ?
4 Replies
Tushar Arora
(CA Finalist & Article)
(179 Points)
Replied 13 July 2011
party Dr.
to B/p Cr.
no entry for interest charges now...
nidhi agrawal
(chartered accountant)
(76 Points)
Replied 14 July 2011
Party a/c Dr. 2,50,000
Interest A/c Dr. amount of interest
To Bills Payable Total amount
Raj Kumar
(Student)
(102 Points)
Replied 21 July 2011
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
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