Accountancy, asked by bootasingh, 10 months ago

interest on Ramesh loan due for one year @12% P.A on Rupees 40000 journal entry​

Answers

Answered by sp072070
5

400000÷ 12%and one years dived other and answe

Answered by hafeesibnuazeez
2

Interest on loan A/c

Loans A/c

Or interest on loan A/c

loan interest payable or due by 40,000

First entry : cannot understand how much interest due on current year

Becoz using first entry on p&l account expenses will debited and whole amount will added to loan account in balance sheet liability side

If you use second one, have proper outstanding expense and loan account on balance sheet

Explanation:

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