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what is the journal entry for payment of interest for loans.?

Answers were Sorted based on User's Feedback



what is the journal entry for payment of interest for loans.?..

Answer / raginichoudhary

INTEREST ON LOAN A/C DR. XXXX
TO LOAN PAYABLE XXXX

Is This Answer Correct ?    6 Yes 1 No

what is the journal entry for payment of interest for loans.?..

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

what is the journal entry for payment of interest for loans.?..

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

what is the journal entry for payment of interest for loans.?..

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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