Urgent- accounting entry for loan against fdr
This query is : Resolved
Guest
Guest
(Querist)
14 September 2016
Dear Friends
What would be the entry of loan taken against FDR and closure of that loan account after one year?
Thank You
What would be the entry of loan taken against FDR and closure of that loan account after one year?
Thank You
14 September 2016
debit Bank
credit Loan against FD
(For loan taken against FD)
debit interest
credit Loan against FD
(For interest applied on the loan)
debit Loan against FD
credit Bank
(For repayment made)
credit Loan against FD
(For loan taken against FD)
debit interest
credit Loan against FD
(For interest applied on the loan)
debit Loan against FD
credit Bank
(For repayment made)
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Guest
Guest
(Querist)
14 September 2016
Thank you Amol for prompt reply.
15 September 2016
you are most welcome.
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