Only entry Building A/C Dr 13500000
To Building WIP 13500000
Term Loan for Asset Purchase
Building purchased for 100 lacs.from Ajay Properties on 1 July 2016
Amount spent on further construction =20 lacs
Total Project Cost=120 lacs
ICICI Bank gave loan at 75% of project cost @ 10% p.a
(120 lacs*75%=90 lacs)
Whoie amount repaid after 6 months including interest
Construction was complete by 31 Aug 2016
Pass Entries for Asset Purchased,Loan Taken,EMi and Interest Repaid
