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    ankurpalan's Avatar
    ankurpalan Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 23, 2010, 09:52 PM
    Accounting entry for housing loan
    Bought house on loan how should I post the entry for the same in my account... should I include asset in my balance sheet and loan amount on the liability side and further what is the entry for th EMI which gets deducted from my account
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Aug 25, 2010, 08:58 AM

    It depends on what the house is for: Are you conducting operations in the house or is it for an investment.

    The entry will be: Debit Building or Investment and Credit Notes Payable.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Aug 25, 2010, 03:15 PM

    Yeah, what pready said - depends on what it's for.

    What's EMI?
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