Regarding journal enteries
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2016
A Proprietorship firm take a loan from bank. for bank loan bank open new account & credit loan amount in new a/c. now the question arises what is the entry for that transaction ???????????
bank A/c Dr.
To _________________
what is the entry in case of loan repayment ??????????
bank A/c Dr.
To _________________
what is the entry in case of loan repayment ??????????
18 June 2016
for loan credited in new account
debit bank account
credit Loan account
for interest
debit interest on loan
credit Loan account
for repayment
debit Loan account
credit bank/cash as the case may be
debit bank account
credit Loan account
for interest
debit interest on loan
credit Loan account
for repayment
debit Loan account
credit bank/cash as the case may be
Message likes :
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18 June 2016
yes I agree with Amol Sir. here bank account is asset, loan account is current liability or term loan as case may be, and interest on loan is expense.
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