How to passed adjustment entries for un secured loans
This query is : Resolved
29 December 2020
A partner ship firm unsecured loans name Mr.A Rs:1 lacs and Name Mr.B Rs: 1 lacs outstanding balance as per books 31-03-2020.but a partnership firm Name Mr.A Rs:1 lacs and Name B 1 lacs advance income tax paid through on firm bank account.
question:
a partnership firm how to passed unsecured loans written off account entries in firm books.
question:
a partnership firm how to passed unsecured loans written off account entries in firm books.
04 January 2021
The journal should be as below:
Loan A/C - Dr.
Bank/Advance Income Tax - Cr.
Thanks
Loan A/C - Dr.
Bank/Advance Income Tax - Cr.
Thanks
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