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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 / 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 |
Answer / desai sandip
cash a/c dr.600
loan recevable a/c dr 400
to friend a/c 1000
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / bugsy
Cash/Bank DR - 600.
Acct.Rec DR - 400.
Friend - CR 1,000.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / anjali
loan a/c dr 1000
to cash a/c 600
to bad debt a/c 400
| Is This Answer Correct ? | 3 Yes | 5 No |
Answer / joy
Cash A/C Dr 600
Bad Debt A/c Dr 400
To Friend A/c 1000
| Is This Answer Correct ? | 4 Yes | 8 No |
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