Answer / ca.bharat agarwal

FOR TAKING THE LOAN FROM BANK ENTRY WOULD BE :-
BANK A/C DR.
TO BANK LOAN A/C
AND REFINENCING IT IN TO NEW TWO LOAN :-

OLD BAMK LOAN A/C DR.
TO NEW BANK LOAN 1 A/C
TO NEW BANK LOAN 2 A/C

ONLY TWO NEW LOAN WILL BE SHOWN IN THE LIABILITIES SIDE OF
B/S.

Answer / nayan chauhan

If loan taken from bank suppose 1 lakh @ 10% interest payable.
the accounting entries will be as shown.
1.Loan taken from bank.
  Bank A/c dr 100000
    To Hdfc bank loan A/c 100000
2 Interest Payable.
  Interest on loan A/c dr 6000
    To Hdfc bank loan a/c 6000
3 Interest paid entry.
  Hdfc bank loan a/c dr 6000
    To bank a/c  6000
4  Loan repaid entry will be.
   Hdfc bank Loan a/c dr 100000
     To bank A/c 100000
interest will not charge on the above entry, if loan repaid on the very last due date of interest payable.

Answer / taradheeraj

Whenever u take loan whether from Bank Or Person, suppose lender as a person
Create ledger (name of lender under loans and liability)
If Cash is taken from lender
JOurnal is
Cash\Bank a\c Dr
Name of lender Cr
Narration: Being loan taken from (name of lender)
Here, (liability increases in B\S (loans and liability)

While paying :
Journal is : Name of lender Dr
Cash\Bank A\c Cr
Narration: Being loans paid.
Here Liability in b\s decreases

Answer / d.c. bansal

WHILE TAKING NEW LOAN

Bank A/c Dr
To Loan a/c

WHILE GIVING LOAN
Loan to Party 1 A/c Dr
To Bank

Loan to Party 2 A/c Dr
To Bank

Answer / anjana

bank a/c dr
To loan a/c

Loan a/c dr
To new loan 1

Loan a/c dr
To new loan 2

Answer / nayan chauhan

For taking the loan from bank entry would be :-
Bank a/c dr.
To bank loan a/c
And refinancing it in to new two loan :-




Old bamk loan a/c dr.
To new bank loan 1 a/c
To new bank loan 2 a/c




Only two new loan will be shown in the liabilities side of
B/s.

Answer / ankit

While Receiving Loan from Bank , Journal Entry Would be :

Bank Account Debit

Lender's Loan Account Credit


2. When Borrower is responsible for paying Interest on Loan

Interest Account Debit

Interest on Loan Payable Account Credit

3. When Borrower pays the interest to Lender

Interest on Loan Payable Account Debit

Bank Account Credit

4. When Borrower repays his loan.

(a) If there is no interest liability on loan.

Lender's Loan Account Debit

Bank Account Credit

(b) If there is any interest liability on loan

(i)

Interest on Loan Payable Account Debit

Lender's Loan Account Credit

(ii)

Lender's Loan Account Debit ( Principle + Payable Interest)

Bank Account Credit

Answer / sankeerthana

Mr Iyyanar your entry is wrong. According to you Loan was
given thru your Bank. The right entries are

1. Bank current a/c Dr
To Bank CC a/c
(Being loan taken from Bank)
2. Disbursment or refinancing of loans

Loan A a/c Dr
Loan B a/c Dr
To Bank current a/c
(Being refinacing of loan amount )

Sankeerthanaannavaram@yahoo.in

www.therealaccountants.com

Answer / krishna chaitanya

bank ac dr
to loan acc



loan ac 1 ac dr
to bank ac

loan ac 2 ac
to bank ac

Answer / iyyanar

For taken loan from bank

1)Loan A/c Dr.
To Bank A/c

For Setteling the old loan

2)Bank A/c Dr.
To Loan A/C

For taking new loan

New Loan A/c
To Bank A/c

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