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Entry in tally

Sanket Singh (CA STUDENT) (34 Points)

19 June 2017

Dear Club members,

I have a query regarding tally entry,sir what entry will be pass when

someone pay excess then loan amount supposee i gave loan to someone 1 lac and he

gave me 2lac then my loan and advances become my loan liability?what entry will be

pass.

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7 Replies

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 19 June 2017

Balance amount ll be return or not by You...?

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 19 June 2017

Bank A/c
To Party Name

Party Name A/c
Loan

(Guest)

On receipt of excess money:

Bank A/c Dr. 2 lac

To Loans and advances A/c 1 lac

To Loan (liability) A/c 1 lac

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 21 June 2017

Dear Experts.,
How is a/c as loan. Bcoz, If He get loan then ll be accounted in loan. But, he get excess amount from loaned party. Then how to treat it... ?

it ll be refundable... So,

Receipt :
Bank A/c - 200000
To Party A/c - 200000

Payment :
Party A/c - 100000
Bank/Cash A/c - 100000...
after will be cleared

(Guest)

Excess money could also be the interest amount. If it is more than that; it's a liability and shown in the balance sheet until paid back.

1 Like

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 21 June 2017

Originally posted by : Manish
	Excess money could also be the interest amount. If it is more than that; it's a liability and shown in the balance sheet until paid back.