Loan Transfer to Dealer
This query is : Resolved
29 June 2021
Sir, We Have Query Regarding , If We have Purchase Machinery From Dealer, But the Bank Disburse loan to Manufacturing Company . How We can Show / Book Entry of Loan account. & Whose Account Will be Credited.
29 June 2021
Bank loan account should be credited and machinery dealer account should be debited.
29 June 2021
But Cheque is Issued by bank on the Name of Manufacturer and Purchase Bill Having name of Dealer...
30 June 2021
The cheque issued by bank on behalf of you, hence the above entry is right.
30 June 2021
Ok Sir Thank You Very Much....
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