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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
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Answer Posted / 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 |
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