Loan from relative

Hello,

I took a loan of Rs.50k from my mother in law last year. I could not repay back. My mother in law has forgiven the loan now. So what will be the account entry for it?

The other question is that last year (16-17) I quoted Rs.1500/- approx less in bank closing statement. Return submitted last year. On the base of that I prepared 17-18 and would like to correct the entry. Can i do that, if yes please let me know the entry.

What ledgers do I have to create and under what head in Tallly for above entries.

Thanks in advance.