What is the treatment of loan
and its interest in trading
profit and loss ,balance sheet
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Answer / sneha
TREATMENT OF LOAN IF IS TAKEN IT COMES UNDER LIABILITIES
SIDE OF BALANCE SHEET .IF LOAN IS GIVEN IT COMES UNDER THE
ASSETS SIDE OF HEADING "LOANS &ADVANCES".
IF INTEREST IS PAID IT IS DEBITED TO P/L A/C,IF INTEREST
IS RECEIVED IT IS CREDITED TO P/L A/C.
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / manoj
loan is go to balance sheet in liabilities side
and interest received go on profit and loss account in Dr. side
if interest is paid than Cr. side of p&l a/c
| Is This Answer Correct ? | 10 Yes | 8 No |
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