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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 / 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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