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.
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
