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You 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 given the journal entry for 400 rs?and
where will the 400 rs come in new account and entry for that
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Answer Posted / srinivas annavarapu
When given a loan to Friend
Friend Loan a/c DR
To Cash / Bank a/c
When recd back the partial payment
Bank / Cash a/c DR
To Friend Loan a/c
when you close your books Friend Loan a/c will be showing a
debit balance of Rs.400/- which will be shown in the
balance sheet on the assets side under Loans and advances.
| Is This Answer Correct ? | 11 Yes | 4 No |
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