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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 / sankeerthana
Mr Iyyanar your entry is wrong. According to you Loan was
given thru your Bank. The right entries are
1. Bank current a/c Dr
To Bank CC a/c
(Being loan taken from Bank)
2. Disbursment or refinancing of loans
Loan A a/c Dr
Loan B a/c Dr
To Bank current a/c
(Being refinacing of loan amount )
Sankeerthanaannavaram@yahoo.in
www.therealaccountants.com
| Is This Answer Correct ? | 6 Yes | 8 No |
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