Journaling Loans account.
This query is : Resolved
22 May 2010
Loan taken from Hema Rs.15lacs,
Loan from SBI BANK Rs.5 lacs,
Loan from Financial institutions Rs.2lacs,
Overdraft from Bank Rs.3 lacs,
Interest paid to Hema Rs.15000/-
Interest paid to Bank Rs.5000
Interest paid to Finance Rs.3000
Interest on overdraft Rs.3500
Please make the journal entries for this transactions.
Loan from SBI BANK Rs.5 lacs,
Loan from Financial institutions Rs.2lacs,
Overdraft from Bank Rs.3 lacs,
Interest paid to Hema Rs.15000/-
Interest paid to Bank Rs.5000
Interest paid to Finance Rs.3000
Interest on overdraft Rs.3500
Please make the journal entries for this transactions.
22 May 2010
1. Loan taken from Hema Rs.15.00 Lacs
Bank A/c Dr.15.00
To Hema's Loan 15.00
2. Loan from SBI Bank Rs.5.00 (assumed as Term Loan)
Bank A/c Dr. 5.00
To SBI Term Loan 5.00
3. Loan from Financial Institution:
Bank A/c Dr.2.00
F.Inst. Laon 2.00
4. Overdraft from bank
There is no entry required, u may issue a cheques upto Rs.3.00 Lacs, even no fund in your Bank Account
5. Int. Paid to Hema
Int. paid A/c Dr.15,000
Hema's Loan 15,000
6. Int. Paid to Bank
Interest A/c Dr.5,000
to Bank 5,000
7. Int. Paid to Finance Institution:
Interest A/c Dr.3,000
to Bank 3,000
8. Int. on OD
Interest A/C Dr.3,5000
to Bank 3,500
As per my knowledge, the abvoe entries are correct, I beleive.
Bank A/c Dr.15.00
To Hema's Loan 15.00
2. Loan from SBI Bank Rs.5.00 (assumed as Term Loan)
Bank A/c Dr. 5.00
To SBI Term Loan 5.00
3. Loan from Financial Institution:
Bank A/c Dr.2.00
F.Inst. Laon 2.00
4. Overdraft from bank
There is no entry required, u may issue a cheques upto Rs.3.00 Lacs, even no fund in your Bank Account
5. Int. Paid to Hema
Int. paid A/c Dr.15,000
Hema's Loan 15,000
6. Int. Paid to Bank
Interest A/c Dr.5,000
to Bank 5,000
7. Int. Paid to Finance Institution:
Interest A/c Dr.3,000
to Bank 3,000
8. Int. on OD
Interest A/C Dr.3,5000
to Bank 3,500
As per my knowledge, the abvoe entries are correct, I beleive.
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