How to make joint loan taken journal entry in books of accounts
This query is : Resolved
12 September 2025
How to make joint loan taken journal entry in books of accounts against mortgage.
seprately in books of accounts.
seprately in books of accounts.
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)
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)
19 September 2025
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