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In a business of lending money on interset
in a business of lending money on interset what is the accounting treatment and journal entries for cost bear by owner for agreement between owner and customer for lending money
Replies (3)
Quick Summary
Loans and advances a/c
To Bank a/c
when loan is given
Bank a/c
To Interest a/c
when interest is received
Accrued interest a/c
To receivables a/c
when interest not yet paid by customer
Accrued interest a/c
To Loans and advances a/c
will be probable if interest is included in calculations. or
receivables a/c
To interest incomes a/c
when interest is not received
use the above entry from first answer.
Dr Professional fees expense
Cr Vendor
Cr Vendor
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