Loan

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2014 Hi
I would like to know,
How do i treat, If company got loan from outside person.
How do i give entry for that loan?
and How do i give entry for interest on loan?

Plz give me suggestion with examples

i'm waiting for your valuable reply.
Thanks for advance
N.Pragatheeswaran

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 April 2014 a very basic question to ask:

book:

Bank A/c Dr

To Loan A/c

Being loan received

for interest payment

Interest on Loan A/c

To Bank A/c

These are broader entries

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2014 Thanks.

Can i Give entry that Loan Recd person name Instead of (To Loan A/c)?

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2014 Thanks.

Can i mention entry that Loan Recd person name Instead of (To Loan A/c)?

For Example
Bank A/c Dr
To Mr.X Loan A/c

Because we've got loan more than 3 individual people.

So that i'm asking you.

Plz Reply

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 April 2014 in such a scenario, create a Group with heading Loan A/c and then create ledger for each individual in the same.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2014 ok. Thank u So much.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2014 Hi Sir
May I know?

Which software are you using for Accounting process?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 April 2014 use any software you wish...tally etc

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2014 Plz answer me. when you come back

1.I would like to know, "INTER- COMPANY TRANSACTION ENTRY".

For Example Company "A"
Company "B"

Company B don't have money for expenses made
So company B got cash from company A.

How will company A create entry in tally

Ledger Name : Company B

Under : ???? ( My Suggestion current Assets)

what will come under for company B

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2. How will company B create entry in tally

Ledger Name : Company A

Under : ???? (My suggestion Current Liability)

what will come under for company A
--------------------------------------------------------------------------
Is that right?

Plz Reply anyone

Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2014 Sorry for the mail Mr. Nikhil

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