Interested to Buy Any Domain ? << Click Here >> for more details...
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!
- 10 Answers
- 45372 Views
- I also Faced
- E-Mail Answers
Answer Posted / taradheeraj
Whenever u take loan whether from Bank Or Person, suppose lender as a person
Create ledger (name of lender under loans and liability)
If Cash is taken from lender
JOurnal is
Cash\Bank a\c Dr
Name of lender Cr
Narration: Being loan taken from (name of lender)
Here, (liability increases in B\S (loans and liability)
While paying :
Journal is : Name of lender Dr
Cash\Bank A\c Cr
Narration: Being loans paid.
Here Liability in b\s decreases
| Is This Answer Correct ? | 15 Yes | 1 No |
Post New Answer View All Answers
Hi guys, If anyone have gone through the CAPITAL IQ-Junior Research Associate interview then plz let me know about its pattern..and if anyone hav its placement papers or any other information then plz post to me at arshadbasha_mba@rediffmail.com
What is the difference between Deffered Tax Assets & Deffered Tax Liabilities
what is the use of special general ledger if the normal trasaction in usage.
why the RRB'S not lend loans directly to farmers?
What is EBITDA
your parents have lent you $20,000 to buy a car and have told you to pay it back whenever you like in conceptual framework
WhatIs the limit of duty exemption in smal scale industries.
selling price = shs. 200, variable overhead-selling per unit= shs 80, variable production cost per unit = shs 60, fixed selling cost = 2,840,000. the production capacity of the project is 200,000 units. required P/V ratio, BEP and margin of safety
How can I find out my credit rating score for free?
How can a company reduce profit
What is the Accounts Payable & Accounts Receivable ?
Expand-------ACNS
what is assessment? how many types of assessment will be there? and what is the documents and preparations for sales tax, service tax assessments??
how to maintain stock if any entry mismatch pllzz tell me short cut
Debit Note & Credit Note?
