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journal entry

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(Querist)
23 April 2010 x takes loan of rs. 4000 from me. now his interest is rs.1000. now he wants to settle his account. what will be the journal entry for me?
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CA Kapil B Gupta

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CA Kapil B Gupta (Expert)
23 April 2010 At the time of Loan Disbursement :

X Debited INR4000.00
Bank Credited INR4000.00

At the time of Interest Accural:

X Debited INR1000.00
Interest on Laon Credited INR1000.00

At the time of Settlement of account:

Bank A/c Debited INR5000.00
X Credited INR5000.00

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