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!

Answer Posted / d.c. bansal

WHILE TAKING NEW LOAN

Bank A/c Dr
To Loan a/c

WHILE GIVING LOAN
Loan to Party 1 A/c Dr
To Bank

Loan to Party 2 A/c Dr
To Bank

Is This Answer Correct ?    6 Yes 3 No



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