Question

interest payable on mrs kusum loan 200000 @ 15percent for a month journalize

Answer 1

Dear Student ,

Interest payable on kusum's loan is a liability & so would be credited. Journal Entry would be as follows:

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
	Interest on Loan A/c	Dr.		2,500
	To Interest payable A/c				2,500
	(Being interest payable on Loan from Kusum)

Working Note:

Amount payable =

$2,00,000\times \frac{15}{100}\times \frac{1}{12}=2,500$

Regards,