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Journal entry

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(Querist)
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?
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
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
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