This question was in opi final round u give a loan for your friend a 1000

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Question

This question was in opi final round 
u give a loan for your friend a 1000 rs he returns 600 rs
and u have to close ur accounts what should u do to close
the accounts? and what is journal entry?

Question Submitted By :: Sundeep

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Re: This question was in opi final round u give a loan for your friend a 1000 rs he returns 600 rs and u have to close ur accounts what should u do to close the accounts? and what is journal entry?

Answer
# 1

Friend A/c Dr 1000 -                       ---- Ist Entry
To Cash        -   1000
(Being cash paid to Friend towards Loan)


Cash A/c                Dr 600    -        -----IInd Entry
Loan Receiavable A/c    Dr 400    -

To Friend                   -     1000

Is This Answer Correct ?

11 Yes

2 No

A.madhu Sudhan Rao

Answer
# 2

Cash A/C           Dr 600
Bad Debt A/c       Dr 400
 
To Friend A/c      1000

Is This Answer Correct ?

1 Yes

4 No

Joy

Answer
# 3

loan a/c dr               1000
    to cash a/c            600
    to bad debt a/c        400

Is This Answer Correct ?

2 Yes

0 No

Anjali

Answer
# 4

cash a/c dr.600
loan recevable a/c dr 400
                   to friend a/c 1000

Is This Answer Correct ?

1 Yes

0 No

Desai Sandip

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