Loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 October 2013
I HAVE TAKEN LOAN FROM PARTIES IN MY PROPRIETORSHIP FIRM.WHAT WILL BE THE ENTRY AND NARRATION FOR LOAN TAKEN. AFTER 6 month I HAVE CREDITED PARTIES ACCOUNT WITH INTEREST but not paid. What will be the entry and narration for credit of interest . Please reply urgently.
02 October 2013
At the time of acceptance of loan
Bank/cash a/c dr
to Party a/c
(Being loan taken from XXXX through cheque no)
At the time of crediting of interest
Interest a/c dr
to Party a/c
(Being interest on loan charged and credited to the party a/c)
OM SAI SRI SAI JAI JAI SAI
Bank/cash a/c dr
to Party a/c
(Being loan taken from XXXX through cheque no)
At the time of crediting of interest
Interest a/c dr
to Party a/c
(Being interest on loan charged and credited to the party a/c)
OM SAI SRI SAI JAI JAI SAI
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