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
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Answer Posted / chandramouli
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 ? | 12 Yes | 4 No |
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