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How to Close housing loan account while preparing profit
and loss account
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Answer Posted / d.selvakumar
First we have to get certificate from housing loan provider
and which inticate how much amount priciple and how much is
interest. The interest amount debited in Profit and loss
account from which we have paid during the year and balance
amount deducted from loan payable account and balance
amount payable should shown in the balance sheet unter
liability side payable.
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