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Loans
In Case A Company At the time of received loan
Bank A/C / Cash ( Bank Account) Dr......
A Company (Head Unsecured Loan) Gorup Loan Liability Cr.....
In Case B Comapny At the time of give loan to company
B Company (Head Loan & Advance ) Dr....
Bank A/C / Cash ( Bank Account) Cr.....
Sir,
Thanks for your reply . Over here you have mentioned that when we give loan to Company B we are putting it under LOANS AND ADVANCES.Its right but in Tally, once we can create B company Ledger and put it under LOANS AND ADVANCES .then again we cannot change that.Now if we are receiving Loan from Company B in the same year then how can we change the head to because we have already put it to LOANS AND ADVANCES.Kindly Reply...
|
BASIS FOR COMPARISON |
LOANS ( SECURED / UNSECURED ) |
LOAN & ADVANCES |
|
Meaning |
Funds borrowed by an entity from another entity, |
Funds provided by the bank to an entity for a specific purpose, |
|
|
repayable after a specific period carrying interest rate is known as Loans. |
to be repayable after a short duration is known as Advances. |
|
What is it? |
Debt |
Credit Facility |
|
Term |
Long Term |
Short Term |
|
Legal formalities |
More |
Less |
|
Security |
May or may not be secured |
Primary security, collateral security and guarantees. |
THIS WILL HELP YOU ...PLEASE DON'T CHANGE GROUP OR HEADS
Ok.Thanks...
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