Does the business have to record the interest payment on the personal loan

Tom is the owner of the business.Recently, he paid 20,000 interest on a personal loan of 40,000 that he used to begin the business.Should the business record the interest payment
Asked Sep 07, 2010
The interest is income for the business that received the payment and an expense for the business making the payment.
Answered Sep 07, 2010
Yes, because they pay the half amount that he used for building new business.
Answered Nov 12, 2013
Yes, its better to settle first your obligation rather than to have another one. You may visit us
Answered Dec 25, 2014
Yes, I agree with katerichards.
Answered Jan 08, 2015
all business have interest payment I agree to you ma'am Sr. For more Information Visit Us.
Answered Jan 23, 2015
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Answered Mar 02, 2018

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