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 / pooja agrawal
at the time of giving the loan the entry will...
loan a/c dr 1000
to cash a/c 1000
when he get back 600 rs
cash a/c dr 600
to loan a/c 600
when you hav to take 400 to next year the entry will be
reserve for bad debt a/c dr 400
to loan a/c 400
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