Hello,

I am trying to record the journal entries for taking a loan
and refinancing it into two new loans. How would I show the
closing loan and the opening of two new loans?

Thank you for your help!

Answer Posted / iyyanar

For taken loan from bank

1)Loan A/c Dr.
To Bank A/c

For Setteling the old loan

2)Bank A/c Dr.
To Loan A/C

For taking new loan

New Loan A/c
To Bank A/c

Is This Answer Correct ?    4 Yes 13 No



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