Accounting of loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2014 dEAR SIR.PLEASE PROVide the journal entries related to loan viz

1 for taking cc from bank.
2.when we make payment from this cc.
how it is shone in balance sheet at end of the requirement.

Amol S Joglekar

Amol S Joglekar (Expert)
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17 November 2014 01. When cc is sanctioned...NO entry is required to be made.
02. If you r using TALLY....open cc account under group Bank od
03. The subsequent entries of payment and receipt are as usual.

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Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2014 When we make payment what will be jurnal entry

Amol S Joglekar

Amol S Joglekar (Expert)
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17 November 2014 Debit the person to whom payment is made
Credit Bank cc account

Rupesh Jain

Rupesh Jain (Expert)
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17 November 2014 you treat the c/c a/c as normal bank a/c
when you make entry.

if your closing is debit then it shown under assets side and if credit side show liability side under the secured loans.

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