Mr. Raj is working as a partner in a partnership firm. He had issued Rs.60,000 as loan to its firm. Q. What will be its Journal Entry?
Q. Will there any effect on its Capital (Raj) A/c.?
Q. Any other point!!!
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Journal entry
Replies (2)
Entry will be as below:
Bank/Cash A/C Dr.
To Loan A/C.
There will be no effect on Capital A/C.
Thx
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