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You give a loan for your friend a 1000 rs he returns 600 rs
and u have to close ur accounts what should u do to close
the accounts? and given the journal entry for 400 rs?and
where will the 400 rs come in new account and entry for that
- 11 Answers
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Answer / rohit
1) LOAN A/C ...DR 1000
TO CASH A/C 1000
2) CASH A/C...DR 600
LOAN RECEIVABLE A/C ..DR 400 (THIS YEARS PROVISION)
TO LOAN A/C 1000
| Is This Answer Correct ? | 18 Yes | 5 No |
Answer / chandramouli
When we have paid to Rs.1000 to friend for that
the entry is
Friend a/c Dr.1000
To Cash 1000
When we have receive rs600 cash & to settle the a/c
the entry is
Cash a/c Dr600
Bad DebteDr400
To Friend a/c 1000
| Is This Answer Correct ? | 12 Yes | 4 No |
Answer / srinivas annavarapu
When given a loan to Friend
Friend Loan a/c DR
To Cash / Bank a/c
When recd back the partial payment
Bank / Cash a/c DR
To Friend Loan a/c
when you close your books Friend Loan a/c will be showing a
debit balance of Rs.400/- which will be shown in the
balance sheet on the assets side under Loans and advances.
| Is This Answer Correct ? | 11 Yes | 4 No |
Answer / mrs. prasanthi shibu
When you give Loan for 1000 Rs, The entry will be
Loan A/c Dr 1000
Cash Cr 1000
When he returns 600 rs, the entry will be
Cash Dr 600
Loan Cr 600
Next financial year the books closing balance will be,
Loan Dr 400
Cash Cr 400
| Is This Answer Correct ? | 21 Yes | 17 No |
Answer / anjali
entry will be.....
loan a/c dr 1000
to cash a/c 600
to bad debt a/c 400
| Is This Answer Correct ? | 10 Yes | 7 No |
Answer / sushanta06@sify.com
# 6 When we have paid to Rs.1000 to friend for that
the entry is
Friend a/c Dr.1000
To Cash 1000
When we have receive rs600 cash & to settle the a/c
the entry is
Cash a/c Dr600
Bad DebteDr400
To Friend a/c 1000
| Is This Answer Correct ? | 4 Yes | 3 No |
Answer / amaranath
when you give loan for 1000 rs the entry will be
loan a\c dr 1000
to cash a\c 1000
when he returns 600 rs the entry will be
cash a\c dr 600
to loan a\c 600
remaing balance shown
bad debts a\c dr 400
to cash a\c 400
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / lalith
when you give loan for 1000 rs the entry will be
Notes receivable a\c Dr 1000
To Cash a\c CR 1000
when he returns 600 Rs the entry will be
Cash A\C Dr 600
to Notes receivable a\c CR 600
for Bad debts written off
Bad debts a\c Dr 400
To Debtors a\c 400
when Bad debts recovered, the entry will be
Cash a/c Dr 400
To Bad debts recovered a/c 400
| Is This Answer Correct ? | 1 Yes | 1 No |
at the time of giving the loan the entry will...
loan a/c dr 1000
to cash a/c 1000
when he get back 600 rs
cash a/c dr 600
to loan a/c 600
when you hav to take 400 to next year the entry will be
reserve for bad debt a/c dr 400
to loan a/c 400
| Is This Answer Correct ? | 2 Yes | 4 No |
Answer / siva
when you give a loan to your friend then that will come
under drawings accounts, so the entry will be like
drawings a/c Dr. 1000
To cash a/c 1000
| Is This Answer Correct ? | 2 Yes | 5 No |
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