Can anyone solve this in Management Accounts
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roja
May 14, 2011, 6:34:53 AM5/14/11
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Can anyone solve this in Management Accounts
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Roja.
Open source English-Hindi MT system
http://anusaaraka.iiit.ac.in/
XYZ & Co. has taken a loan of Rs.100,000/- @ 15% p.a.on 1st October, 2003. Interest is to be paid on half yearly basis. What treatment should be given in the books of accounts of XYZ & Co. as on 31st March, 2004?
Correct Answer Interest account should be debited with Rs.7,520.55 and outstanding interest account should be credited with Rs.7,520.55
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Roja.
Open source English-Hindi MT system
http://anusaaraka.iiit.ac.in/
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