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what is the journal entry for payment of interest for loans.?
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INTEREST ON LOAN A/C DR. XXXX
TO LOAN PAYABLE XXXX
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / raghu.v
While paying the interest on loans :-
Case :1
Interest a/c Dr
Loan A/c Cr
Case :2
Interest a/c Dr
Cash/Bank A/c Cr
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / eggsy
when it becomes due
Dr Interest on loan
Cr Loan Payable
When it is paid
Dr Loan payable
Cr Bank
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / ragini
Interest on loan a/c Dr. xxxx
To loan payable xxxx
| Is This Answer Correct ? | 1 Yes | 1 No |
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