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Entry for the settlement of loans?
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Answer / veena v
Dr.Loan a/c
Dr.Interest on loan a/c
Cr.Bank a/c
| Is This Answer Correct ? | 24 Yes | 1 No |
Answer / eswar
if the Loan a/c is settled by paying cash then the
entry: By Loan A/c
To Cash A/c
Normally Higher Amounts will not be settled by
paying cash, we pay through cheque/Demand drawft.
Entry: By Loan A/c
To Bank A/c
| Is This Answer Correct ? | 12 Yes | 0 No |
Answer / sumitra.raghavan
loan a/c dr
interest on loan a/c
to bank
| Is This Answer Correct ? | 2 Yes | 0 No |
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