Query regarding loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 June 2013
if a person does not have an a/c with bank say central bank but he is taking loan from that bank then what will be the journal entry for that?will it be
bank a/c dr
to loan taken
bank a/c dr
to loan taken
05 June 2013
How the loan disbursement happened, whether cash or cheque. incase cheque you need to open the bank a/c and deposit for clearance the entry will be
Dr: Bank Cr: Loan a/c
incase cash disbursement
Dr:Cash Cr: Loan a/c
but no bank will disburse the loan amount as cash
Dr: Bank Cr: Loan a/c
incase cash disbursement
Dr:Cash Cr: Loan a/c
but no bank will disburse the loan amount as cash
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