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Entry and effect
Sun Enterprises has given loan to Mr Preet for Rs. 3 Lakhs. Discuss by passing a journal entry how M/s Sun enterprise and Mr Preet will record the transaction in their books. Discuss how the amount will be reflected in the Balance sheet of both the parties
Replies (2)
Quick Summary
In the books of Sun Enterprise
Loan to preet A/c Dr 300000/-
To Bank A/c Cr 300000/-
( Loan given to preet )
Note -Loan to preet A/c will be under Loans and Advance , Asset side Balance sheet .
In the books of preet
Bank A/c Dr 300000/
To Sun Enterprise A/c Cr 300000/
( Being loan taken from Sun Enterprise )
Note -Sun Enterprise A/c will be Loans and Borrowings ,Liability , side Balance sheet .
Loan to preet A/c Dr 300000/-
To Bank A/c Cr 300000/-
( Loan given to preet )
Note -Loan to preet A/c will be under Loans and Advance , Asset side Balance sheet .
In the books of preet
Bank A/c Dr 300000/
To Sun Enterprise A/c Cr 300000/
( Being loan taken from Sun Enterprise )
Note -Sun Enterprise A/c will be Loans and Borrowings ,Liability , side Balance sheet .
Thanks
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