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This question was in opi final round
u give a loan for your friend a 1000 rs he returns 600 rs
and u have to close ur accounts what should u do to close
the accounts? and what is journal entry?

Question Posted / sundeep

Answers were Sorted based on User's Feedback



This question was in opi final round u give a loan for your friend a 1000 rs he returns 600 rs an..

Answer / a.madhu sudhan rao

Friend A/c Dr 1000 - ---- Ist Entry
To Cash - 1000
(Being cash paid to Friend towards Loan)


Cash A/c Dr 600 - -----IInd Entry
Loan Receiavable A/c Dr 400 -

To Friend - 1000

Is This Answer Correct ?    15 Yes 3 No

This question was in opi final round u give a loan for your friend a 1000 rs he returns 600 rs an..

Answer / desai sandip

cash a/c dr.600
loan recevable a/c dr 400
to friend a/c 1000

Is This Answer Correct ?    2 Yes 0 No

This question was in opi final round u give a loan for your friend a 1000 rs he returns 600 rs an..

Answer / bugsy

Cash/Bank DR - 600.
Acct.Rec DR - 400.
Friend - CR 1,000.

Is This Answer Correct ?    0 Yes 0 No

This question was in opi final round u give a loan for your friend a 1000 rs he returns 600 rs an..

Answer / anjali

loan a/c dr 1000
to cash a/c 600
to bad debt a/c 400

Is This Answer Correct ?    3 Yes 5 No

This question was in opi final round u give a loan for your friend a 1000 rs he returns 600 rs an..

Answer / joy

Cash A/C Dr 600
Bad Debt A/c Dr 400

To Friend A/c 1000

Is This Answer Correct ?    4 Yes 8 No

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