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
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
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)
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