If you have taken loan from banks then create it under the head secured loan otherwise loan is taken from individuals or from any other source without proper security then create a head under unsecured loans.
for taking loan ..just credit that specific head. and debit bank A/c(if not in cash).
when you give loans, it is generally treated as advance given. So create a head in tally with the name of that person under the category loans & advances (Asset).
Entry: Just debit that head and credit bank a/c ( if not in cash).
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