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Accounting enttry
A Proprietorship firm take a loan from bank.
for bank loan bank open new account & credit loan amount in new a/c.
now the question arises what is the entry for that transaction ???????????
bank A/c Dr.
To _________________
what is the entry in case of loan repayment ??????????
Replies (6)
Bank a/c dr
to Bank Loan A/c..
Similarly while repayment its reverse of that entry to the extent of principal amount
At the time of loan credit entry will be
Dr. Bank A/C .......
Cr. Bank Loan A/C ......
Repayment Entry Will Be.....
Dr. Bank Loan A/C ....
Dr. Interest On Bank Loan...
Cr. Bank A/C.........
This is a contra entry.
Bank account DR.
To loan account.
Hello,
Loan Taken
Bank A/c Dr.
To Bank Loan A/c
(Being Entry for Loan taken & Money received in Bank Account
At the time of Repayment
Bank Loan A/c.(Principal Repayment) Dr.
Interest on Loan Account a/c. Dr.
To Bank Account(Instalment Amount)
(Being Entry for EMi Repayment.)
| Originally posted by : Gopi Rajput | ||
 |
This is a contra entry. Bank account DR. To loan account. |  |
it is incorrect
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