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
- 42430 Views
- I also Faced
- E-Mail Answers
Answer Posted / nayan chauhan
If loan taken from bank suppose 1 lakh @ 10% interest payable.
the accounting entries will be as shown.
1.Loan taken from bank.
Bank A/c dr 100000
To Hdfc bank loan A/c 100000
2 Interest Payable.
Interest on loan A/c dr 6000
To Hdfc bank loan a/c 6000
3 Interest paid entry.
Hdfc bank loan a/c dr 6000
To bank a/c 6000
4 Loan repaid entry will be.
Hdfc bank Loan a/c dr 100000
To bank A/c 100000
interest will not charge on the above entry, if loan repaid on the very last due date of interest payable.
| Is This Answer Correct ? | 17 Yes | 2 No |
Post New Answer View All Answers
what is Accounting Standers?
what is sales life cycle???
You have joined company yesterday then you are Appling B1 visa today. why so urgent.
Expand SCERT
fill in the Blanks Share Holders in Company have _____________Liability
Raju put labour charges bill for Rs 65000/- You are directed to deduct 5% security deposit and 1.15% TDS from the bill. Pass journal entry for it
honararium for the month of march 2013 can be paid on 31 mar 2013
Should I have perfect credit score, that is, above 800 credit score?
Took goods from the shop for use at home. state whether the the following transcation is business transcation or non business transcation? with reson or explaination?
what do u mean by single error and double error in accointing errors?
Hi, Please post in here the Aptitude Test Questions given in companies like Thomson, Reuters, GMS, JP Morgan, Northern Trust Bank etc.
Expand--------SOT
WhatIs the limit of duty exemption in smal scale industries.
what are the importance accounting entries for AP and AR process in interview..
How do you set the increment point in appraisal of salaries. It becomes so difficult for the employer to hear again and again about increment
