Dear Club members,
I have a query regarding tally entry,sir what entry will be pass when
someone pay excess then loan amount supposee i gave loan to someone 1 lac and he
gave me 2lac then my loan and advances become my loan liability?what entry will be
pass.
Balance amount ll be return or not by You...?
| Originally posted by : Manish | ||
 |
Excess money could also be the interest amount. If it is more than that; it's a liability and shown in the balance sheet until paid back. |  |
If it's interest amount entry ll be changed...
Bank A/c - XXXXXX
To, Party A/c - XXXXXX
To, Interest Received - XXXXX...
After Interest calculted any amount more than Party account it ll be Refundable then pass PAYMENT Entry
whaterever the amount is received by the company, the particulars of the amount must be mentioned for which on what purpose it is has been received.
CAclubindia
