Hello sir
My Friend bought a mobile for himself. but he paid amount it from my personal bank account. Later he also returned that amount in my same bank.
how do I make this entry in my books now ?
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What do I consider this transaction?
Replies (2)
It's very simple .
a temporary loan account in your books or treat it as advance Dr. cr. cash .
Square off when the same has been returned.
a temporary loan account in your books or treat it as advance Dr. cr. cash .
Square off when the same has been returned.
Loan Account Dr
Bank Account Cr
on Returnment Date
Bank Account Dr
Loan Account Cr
Bank Account Cr
on Returnment Date
Bank Account Dr
Loan Account Cr
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