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 / ca.bharat agarwal
FOR TAKING THE LOAN FROM BANK ENTRY WOULD BE :-
BANK A/C DR.
TO BANK LOAN A/C
AND REFINENCING IT IN TO NEW TWO LOAN :-
OLD BAMK LOAN A/C DR.
TO NEW BANK LOAN 1 A/C
TO NEW BANK LOAN 2 A/C
ONLY TWO NEW LOAN WILL BE SHOWN IN THE LIABILITIES SIDE OF
B/S.
| Is This Answer Correct ? | 27 Yes | 5 No |
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