Answer / anju

Loan is a amount on which we r charging interest but on
advance we r not charging interest or its just like a
deposit.

Answer / sudhansu2789@gmail.com

The main diffrence between Loan and Advance : the interest
component.
2. Both Loan and Advance are to be repaid in installments
for example: monthly installments of equal amounts.
3. In case of Loan, interest is calculated ( Simple or
Compound type interest) and the interest amount is recovered
at the end.
4. Example for Advance: Mr. X working in an organisation. He
took 10,000 as advance to be repaid in 10 monthly
installments. Monthly recovery from salary is 1,000 . After
10 months, hi repays entire amount .
5. Example for Loan: Mr. Y took a Loan of 10,000 with a a
simple interest rate of of 12% per year. Monthly installment
is 1,000. Accrued Interest is calculated every month on
balance principal amount. The recovery chart is as below.

please tell me what is journal entry for salary: Gross Salary 10000 and net salary 75000.

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