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Hello,
I am trying to record the journal entries for taking a loan
and refinancing it into two new loans. How would I show the
closing loan and the opening of two new loans?
Thank you for your help!
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Answer Posted / krishna chaitanya
bank ac dr
to loan acc
loan ac 1 ac dr
to bank ac
loan ac 2 ac
to bank ac
| Is This Answer Correct ? | 4 Yes | 9 No |
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while passing a journal entry we rite dr. for the a/c to be debited but why don't we write cr. for the a/c which is credited and instead write 'TO'??
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