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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 / nayan chauhan
For taking the loan from bank entry would be :-
Bank a/c dr.
To bank loan a/c
And refinancing 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.
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