Journal entries

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2013 Hi all,

A company is started by borrowing loan. What are the journal entries for borrowing loan and then transferring it to capital account?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 September 2013 Borrowing loan need to pass the receipt entry and transferring to capital

Dr: Loan
Cr: Capital

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2013 But loan will be having credit balance and without repaying it can't be credited. But in this case it is still not repaid.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 September 2013 While receiving loan you can pass receipt entry

Dr:Bank
C: Loan

while converting to Capital

Dr:Loan
Cr: Capital

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