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This question was in opi final round
u 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 what is journal entry?
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Answer Posted / desai sandip
cash a/c dr.600
loan recevable a/c dr 400
to friend a/c 1000
| Is This Answer Correct ? | 2 Yes | 0 No |
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Transfer nett profit of Rs 325000/- to Reserves and Surplus
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