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I m working in NGO. we have taken loan from a person or other
project in march and returned in may. So what are the
entries in tally should be. what are the ledgers to be
created and under which group? what are the journal entries?
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Answer Posted / gulzar singh ( gulzar.thpl@gma
1) When loan Received.
Cash/Bank a/c Dr.
Mr. Loan and company.(assumed name) Cr.
( Ledger Under loan liabilitY)
Being loan amount received.
2) When return.
Mr. loan and Company Dr.
Cash/ Bank a/c Cr.
(Being loan amount returned)
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