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?
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Answer Posted / a.madhu sudhan rao
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 ? | 15 Yes | 3 No |
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