Entry in tally

Balance amount ll be return or not by You...?

On receipt of excess money:

Bank A/c   Dr.   2 lac

To Loans and advances A/c    1 lac

To Loan (liability) A/c              1 lac

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.

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.