Staff loan

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Accountant
23 Points Posted on 31 July 2018

Hello Experts,

My name is Manjunath, working as an Accountant.

My questions is, Company given loan to employees and repay the loan less than a year.

what could be the entries i have to make in tally and which head.

Please help me out, so that i can clear the dues and close the accounts.

Thanks in Advance,

Regards,

Manjunath

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On 31 July 2018 at 11:53 Report
Replies (5)
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Coaching and Practice in Tax Audit Law
2572 Points Posted on 31 July 2018

Loan will go under Loans and Advances head under Current Assets

Employee account debit to Loan account and then at the time of repayment Loan account debit, Interest account debit to Employee Account

2 Reply
On 31 July 2018 at 12:16
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Consultant & Teacher(Whatsapp 8718057907
470 Points Posted on 04 August 2018
1. Loan to employee Dr.
To Bank
2. When repaid:
Bank dr.
To Loan to employee
To Interest( if any)
2 Reply
On 04 August 2018 at 10:21
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Accountant
23 Points Posted on 05 August 2018
Thank you, One more doubt, We have to created individual names under loans and advances, My question, then we have to pass individual entry or have to create staff loan and pass the entry and which is journal entry, payment and receipt entry.. Please explain above doubt..
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On 05 August 2018 at 08:48
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Consultant & Teacher(Whatsapp 8718057907
470 Points Posted on 05 August 2018
1. you can create group loan to staff under group loans and advances and then create individual ledgers of staff under the head loans to staff. or

2. You can create ledger loan to staff and maintain such ledger bill wise. While passing entry Dr. loan to staff and enter name of such employee in reference no. and due date of repayment in other column.
1 Reply
On 05 August 2018 at 09:04
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ACCOUNTANT
1542 Points Posted on 05 August 2018

Better to Prepare Individual Ledger under "Loans & Advances (Asset) - Head... If Mr. X is Your eployee then Prepare a Ledger name as "X" under "Loans & Advances (Asset) - Head"...

 

At the time of Advance Payment Rs. 10000 (Examples) :

Dr. Mr X - Rs. 10000

Cr. Cash / Bank - Rs. 10000

 

At the time of Advance Received :

Cr. Mr. X - Rs. 2000

Dr. Cash - Rs. 2000

(May be multiple times of receipt)

1 Reply
On 05 August 2018 at 11:48

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