Joint loan from bank repayment


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Quick Summary
This discussion addresses the accounting treatment for a joint bank loan where one individual repays the entire amount, which includes their share and their brother's share. The proposed journal entry debits the loan amount and the brother's portion, crediting the bank for the total repayment. The author encourages appreciation for helpful solutions.

29 August 2020 Assess joint loan amount rs:30 lacs from bank(15+15).One Assess bank loan repayment rs:30 lacs( own 15 lacs +15 lacs brother)
Question:
Assess joint loan repayment one person paid accounting treatment in books.

30 August 2020 Dr. Loan 15 lakhs Dr. Brother 15 lakhs Cr. bank 30 lakhs

26 September 2021 If you are happy with the solution, make habit of appreciation. Give him a like, at least ....


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