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.

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

Answer / sawpnil gaikwad

at the rate

commision of rs-150 paid but charged to interest account,journal entry

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