interest on Ramesh loan due for one year @12% P.A on Rupees 40000 journal entry
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400000÷ 12%and one years dived other and answe
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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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