Urgent!!!!!!!!

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