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Journal entries

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 September 2013 Hi all,

A company is started by borrowing loan. What are the journal entries for borrowing loan and then transferring it to capital account?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
03 September 2013 Borrowing loan need to pass the receipt entry and transferring to capital

Dr: Loan
Cr: Capital
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Querist : Anonymous

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Querist : Anonymous (Querist)
07 September 2013 But loan will be having credit balance and without repaying it can't be credited. But in this case it is still not repaid.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
07 September 2013 While receiving loan you can pass receipt entry

Dr:Bank
C: Loan


while converting to Capital

Dr:Loan
Cr: Capital

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