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

The interest is income for the business that received the payment and an expense for the business making the payment.

Yes, because they pay the half amount that he used for building new business.

Yes, its better to settle first your obligation rather than to have another one. You may visit us http://goo.gl/ZVQJsE

Yes, I agree with katerichards.

all business have interest payment I agree to you ma'am Sr. For more Information Visit Us.http://goo.gl/CN3c6p

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