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Categories  >>  Accounting  >>  Accounting General
 
 


 

 
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Question
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?
 Question Submitted By :: Ravire
I also faced this Question!!     Rank Answer Posted By  
 
  Re: 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?
Answer
# 1
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)
 
Is This Answer Correct ?    1 Yes 0 No
Gulzar Singh ( Gulzar.thpl@gma
 

 
 
 
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