Entry and trail balance for loan against gold / jewels

A/c entries 934 views 1 replies

We are giving Gold Loan to customer. If a customer gets 10000 rs for loan this year. In end of the year he could not redeem his jewels, so some interest will be added as per schemes.

05/07/2014  - Customer gets Loan Rs.10000

12/10/2014 - Customer Pays a Receipt of Rs.1000

31/03/2014 - In year End, His balance is Rs.10850 as per interest calculation.

here is my query, How to transfer this loan to next year? How to calculate Trail balance for this account? What is the Opening balance of next year? 9000 or 10850. pls guide me 

 

Replies (1)

Actual loan for next year will be Rs.9000. and balance Rs.1,850/- interest due. You have to both the heads of account in the trial balance debit side.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register