journal entry
This query is : Resolved
23 April 2010
x takes loan of rs. 4000 from me. now his interest is rs.1000. now he wants to settle his account. what will be the journal entry for me?
23 April 2010
At the time of Loan Disbursement :
X Debited INR4000.00
Bank Credited INR4000.00
At the time of Interest Accural:
X Debited INR1000.00
Interest on Laon Credited INR1000.00
At the time of Settlement of account:
Bank A/c Debited INR5000.00
X Credited INR5000.00
X Debited INR4000.00
Bank Credited INR4000.00
At the time of Interest Accural:
X Debited INR1000.00
Interest on Laon Credited INR1000.00
At the time of Settlement of account:
Bank A/c Debited INR5000.00
X Credited INR5000.00
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