Journal entry in the case of secured loan
This query is : Resolved
20 October 2024
How to make journal entry of secured loan in the case of company.
20 October 2024
When the loan is received:
Debit: Cash (or Bank)
Credit: Loan Payable (or Secured Loan Payable)
If the company needs to accrue interest over time, make entries periodically:
Debit: Interest Expense
Credit: Interest Payable
Debit: Cash (or Bank)
Credit: Loan Payable (or Secured Loan Payable)
If the company needs to accrue interest over time, make entries periodically:
Debit: Interest Expense
Credit: Interest Payable
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