How to make joint loan taken journal entry in books of accounts

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When taking out a joint mortgage loan, it's crucial to maintain separate Mortgage Loan accounts for each party involved. Each individual should record only their respective share of the loan. Upon receiving the loan amount from the bank, both parties should debit their Bank Account for their share and credit their Mortgage Loan Account accordingly.

Daya

Daya (Querist)
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12 September 2025 How to make joint loan taken journal entry in books of accounts against mortgage.
seprately in books of accounts.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 September 2025 Both parties must maintain separate Mortgage Loan accounts and record only their shares.

When the amount is received from the bank as a joint loan:
In both (or each) party’s books:
Debit: Bank Account (for the share received)
Credit: Loan (Mortgage Loan) Account (for the same amount)

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 September 2025 Good Luck...

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