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.
A. Sankaranarayana
(Expert)
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
