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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!
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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 |
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