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 / taradheeraj
Whenever u take loan whether from Bank Or Person, suppose lender as a person
Create ledger (name of lender under loans and liability)
If Cash is taken from lender
JOurnal is
Cash\Bank a\c Dr
Name of lender Cr
Narration: Being loan taken from (name of lender)
Here, (liability increases in B\S (loans and liability)
While paying :
Journal is : Name of lender Dr
Cash\Bank A\c Cr
Narration: Being loans paid.
Here Liability in b\s decreases
Is This Answer Correct ? | 15 Yes | 1 No |
Post New Answer View All Answers
Expand-------ACNS
While posting of FB50 entry therE showing errro msg " NOT ASSIGN COMPANY CODE OR CALCULATION PROCEDURE"
WHAT IS DIFFERED INCOME TAX AND WHERE IT SHOWS IN BALANCE SHEET?
With a 600 credit score, how to improve my credit rating score?
Short Answer on ___________fluctuating capital
WHEN IN ADJUST. GIVEN THAT THERE IS VALUE OF RS...., OBSOLESCENCE STOCK INCLUDED IN CLOSING STOCK RS.......,WHAT IS THE PROPER WAY TO SHOW IN INCOME STATEMENT AND POSITION STATEMENT.
what is the difference between financial accouning and financial management?
what is portfolio Saint?
give me only one transactions in both side (debit&credit) should be in real accounts
What are the names of the codes which are needed for RTGS ? Payment and wire transfer respectively ?
Define Bill of Exchange
Why do you want to work with us
I customized the tax procedures, after posting normal g&l (f-02), i got an error, error is complete lineitem display, its popup error message num, how can i find the message error, whats the t-code
Hi guys, If anyone have gone through the CAPITAL IQ-Junior Research Associate interview then plz let me know about its pattern..and if anyone hav its placement papers or any other information then plz post to me at arshadbasha_mba@rediffmail.com
what are the aspects an auditor has to see when he/she is doing the Purchase,Sales and Journal Vouching