Journal entry
This query is : Resolved
13 April 2012
What will be the journal entry for-
A person takes a loan on fixed assets on 1.4.05 for Rs. 3 lacs.
On 31.3.08 Balance left was Rs. 2 lacs..But bank ask to pay only Rs. 1 lac for the whole amount.
What will be the journal entry in the books of that person?
A person takes a loan on fixed assets on 1.4.05 for Rs. 3 lacs.
On 31.3.08 Balance left was Rs. 2 lacs..But bank ask to pay only Rs. 1 lac for the whole amount.
What will be the journal entry in the books of that person?
14 April 2012
Assuming that the person has paid the balance loan asked by bank of Rs. 1 lac, then the journal entry is
Loan A/c Dr 200,000
To Bank A/c 100,000
To Other Income A/c 100,000
Loan A/c Dr 200,000
To Bank A/c 100,000
To Other Income A/c 100,000
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