[prilann]

The P900,000 note payable was issued on Oct.1, 2011. It will be repaid in 12 months together with the interest at an annual rate of 24%.
It will be adjusted dec. 31 2011

[pready]

So what is your question?

To record the note payable your journal entry will be:
Debit Cash for the amount received
Credit Notes Payable for the amount

For the adjusting entry you have to calculate the interest due for 3 months.

The formula is: Principle * Rate * time, therefore 900,000 * 24% * 3/12 = interest due.

The adjusting entry is:
Debit Interest Expense for the amount calculated above
Credit Interest Payable for the amount

To record the payment your journal entry will be:
Debit Interest Payable for the amount calculated above
Debit Interest expense for 9 months interest
Credit Cash for the total amount paid