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Categories  >>  Accounting  >>  Accounting AllOther
 
 


 

 
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions
Question 
You 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 given the  journal entry for 400 rs?and
where will the 400 rs come in new account and entry for that
 Question Submitted By :: Sundeep
I also faced this Question!!     Rank Answer Posted By  
 
  Re: You 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 given the journal entry for 400 rs?and where will the 400 rs come in new account and entry for that
Answer
# 1		 
FRIENDS ON LOAN 600 DR.
BAD DEBTS       400 DR.

TO LOAN ON FRIEND          1000
 
Is This Answer Correct ?    1 Yes 11 No
Mahesh
 
  Re: You 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 given the journal entry for 400 rs?and where will the 400 rs come in new account and entry for that
Answer
# 2		 
When you give Loan for 1000 Rs, The entry will be
   
   Loan A/c     Dr   1000
   Cash            Cr     1000
When he returns 600 rs, the entry will be
   Cash         Dr    600
   Loan            Cr     600
Next financial year the books closing balance will be,

   Loan         Dr 400
   Cash           Cr  400
 
Is This Answer Correct ?    6 Yes 9 No
Mrs. Prasanthi Shibu
 
 
 
  Re: You 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 given the journal entry for 400 rs?and where will the 400 rs come in new account and entry for that
Answer
# 3		 
1) LOAN A/C ...DR  1000
    TO CASH A/C       1000

2) CASH A/C...DR  600
   LOAN RECEIVABLE A/C ..DR  400 (THIS YEARS PROVISION)
      TO LOAN A/C      1000
 
Is This Answer Correct ?    5 Yes 2 No
Rohit
 
  Re: You 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 given the journal entry for 400 rs?and where will the 400 rs come in new account and entry for that
Answer
# 4		 
entry will be.....

loan a/c dr                  1000
    to cash a/c              600
    to bad debt a/c          400
 
Is This Answer Correct ?    1 Yes 1 No
Anjali
 
  Re: You 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 given the journal entry for 400 rs?and where will the 400 rs come in new account and entry for that
Answer
# 5		 
When given a loan to Friend
Friend Loan a/c DR 
To Cash / Bank a/c

When recd back the partial payment
Bank / Cash a/c DR 
To Friend Loan a/c

when you close your books Friend Loan a/c will be showing a 
debit balance of Rs.400/- which will be shown in the 
balance sheet on the assets side under Loans and advances.
 
Is This Answer Correct ?    2 Yes 0 No
Srinivas Annavarapu
 
  Re: You 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 given the journal entry for 400 rs?and where will the 400 rs come in new account and entry for that
Answer
# 6		 
When we have paid to Rs.1000 to friend for that
the entry is 

Friend a/c Dr.1000
To Cash            1000
When we have receive rs600 cash & to settle the a/c
the entry is
Cash a/c Dr600
Bad DebteDr400
To Friend a/c 1000
 
Is This Answer Correct ?    2 Yes 0 No
Chandramouli
 
  Re: You 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 given the journal entry for 400 rs?and where will the 400 rs come in new account and entry for that
Answer
# 7		 
when you give a loan to your friend then that will come
under drawings accounts, so the entry will be like

drawings a/c Dr. 1000
To cash a/c 1000
 
Is This Answer Correct ?    1 Yes 0 No
Siva
 
  Re: You 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 given the journal entry for 400 rs?and where will the 400 rs come in new account and entry for that
Answer
# 8		 
# 6 When we have paid to Rs.1000 to friend for that
the entry is 

Friend a/c Dr.1000
To Cash            1000
When we have receive rs600 cash & to settle the a/c
the entry is
Cash a/c Dr600
Bad DebteDr400
To Friend a/c 1000
 
Is This Answer Correct ?    0 Yes 0 No
Sushanta06@sify.com
 

 
 
 
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