Dear Friends
Suresh takes a loan of Rs. 50,000 from Mahesh. However, Mahesh pays him the amount after deducting the interest in advance for 1 year @ 10% p.a.
what will be the entries in books of Suresh and Mahesh.
Regards
Shivani
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Loan and advance interest
Replies (1)
bank a/c dr. 45000
advance intt paid a/c dr. 5000
to loan from mahesh 50000
at year end
intt on loan dr. 5000
to advance intt paid 5000
advance intt paid a/c dr. 5000
to loan from mahesh 50000
at year end
intt on loan dr. 5000
to advance intt paid 5000
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