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housing loan taken from tata capital housing finance ltd.,how can entry make with interest with sanction amount and documentation charges
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Answer Posted / prasad
Example 1 lakh housing loan,Document charges 2000
1.Housing loan a/c Dr 1,00,000
To Tata capital finance ltd 1,00,000
2.Document charges Dr 2000
To Housing loan 2000
(or)
Housing loan a/c Dr 98000
Document charges Dr 2000
To Tata capital finance ltd 1,00,000
then 1st Instalment repayment
3.Tata capital finance ltd Dr 6,000 (Principle amount)
Interest on housing loan Dr 4,000 (Interest)
To Bank a/c 10,000
Rest of Instalment repayment also same entry but principle and interest amount will be change.
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