vinayak c. chavan (CPT passed) (1011 Points)
10 December 2010What is the entry for interest due on loan from directors?
IS it :
Interest due
to loan from directors?
CA Sahil Singla..
(Service Tax )
(3746 Points)
Replied 10 December 2010
it's Interest a/c Dr. to Laon A/c
Sunali
(Learner)
(1317 Points)
Replied 10 December 2010
Its like one and the same thing.
Interest Accrued A/c---Dr.
To Loan /Loan from Director's A/c
CA Sahil Singla..
(Service Tax )
(3746 Points)
Replied 10 December 2010
Sunali ..may i knw why u debited interest Accrued ...wat's the reason behind that..plz explain by referring3 Golden rules of Debit & Credit
Sunali
(Learner)
(1317 Points)
Replied 10 December 2010
| Originally posted by : sahil singla | ||
 |
Sunali ..may i knw why u debited interest Accrued ...wat's the reason behind that..plz explain by referring3 Golden rules of Debit & Credit |
 |
Thanks for reminding me the Golden rules Sahil. It was just by mistake that I wrote 'ACCRUED'. correcting myself. here it goes:
Interest A/c---Dr.
To Loan /Loan from Director's A/c
CA Sahil Singla..
(Service Tax )
(3746 Points)
Replied 10 December 2010
thanks to u sunali..i thought i forgot the rules at this stage of CA...that's why i asked u !!
vinayak c. chavan
(CPT passed)
(1011 Points)
Replied 10 December 2010
should i take interest due a/c under loans& advances or any other head. I have to pass this enty in tally.
CA Sahil Singla..
(Service Tax )
(3746 Points)
Replied 11 December 2010
if the interest is accrued but not due then,under loans & advances but if interest is accrued & due then take it under other liabilities
CAclubindia
