Loan

This query is : Open

aamir (Querist)
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23 February 2019 Loan taken for personal purpose but the client have only one bank account ie business account the amount credited to business account how to show in books

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 February 2019 Loan and its repayment may be routed through 'drawings' account.

aamir

aamir (Querist)
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24 February 2019 How to record entry when amount credited to bank?If we withdraw amount also?

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aamir

aamir (Querist)
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24 February 2019 How to pass entry when amount credited to bank?Also if amount withdrawn?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 February 2019 * Bank a/c Dr
To Drawings A/c
(Being loan taken for personal purposes deposited in firms's former a/c)

* Drawings a/c Dr
To Bank a/c
(Being money withdrawn from firm's latter a/c against the deposit of amount out
of loan availed for personal purposes)

aamir

aamir (Querist)
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24 February 2019 Sir loan taken for business purpose and want to use for personal purpose then how to record entry there will be liability o/s from bank in the books of business?