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.