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you purchase a machinary on a loan what is the joury entry
for that and where will you show the the loan amount in
balance sheet and show the ledger account?
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Answer Posted / d. k. gupta
Machinery A/c Dr
To Loan A/c (who is issue Loan e.g. Bank Loan A/c
or,Ind,Partyname)
for ledger creation of Loan A.c under the group of Loans
Liability or secured loan or unsecured loan who is ur a/c
group select from them.
if u purchase machine on loan and payment as instalment
then u passed entry every month and any agreement of payment
you passed entry in books
Loans A/c Dr (Machinery Loan A/c)
To Bank or Cash A/c
(chq no-xxxx Being the cheque issue to Bank towards payment
of Machinery loan)
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