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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 / siva
when you give a loan to your friend then that will come
under drawings accounts, so the entry will be like
drawings a/c Dr. 1000
To cash a/c 1000
| Is This Answer Correct ? | 2 Yes | 5 No |
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