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Loan

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(Querist)
24 February 2013 1.Loan taken from bank we have to pass journal entry or contra entry?
2.Loan taken from bank Rs.100000/-in that Rs.50000/- paid to bank for loan repayment how to pass the entry in tally ?
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@VaibhavJ

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@VaibhavJ (Expert)
24 February 2013 Hi

In loan taken you have to pass it through Contra

For loan received:
Dr. Bank A/c Rs. 100000
...Cr. Loan from Bank A/c.. Rs. 100000

For loan repaid:
Dr. Loan from Bank A/c Rs. 50000
...Cr. Bank A/c.. Rs. 50000.


Thanks!!

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