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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 / nayan chauhan
If loan taken from bank suppose 1 lakh @ 10% interest payable.
the accounting entries will be as shown.
1.Loan taken from bank.
Bank A/c dr 100000
To Hdfc bank loan A/c 100000
2 Interest Payable.
Interest on loan A/c dr 6000
To Hdfc bank loan a/c 6000
3 Interest paid entry.
Hdfc bank loan a/c dr 6000
To bank a/c 6000
4 Loan repaid entry will be.
Hdfc bank Loan a/c dr 100000
To bank A/c 100000
interest will not charge on the above entry, if loan repaid on the very last due date of interest payable.
| Is This Answer Correct ? | 17 Yes | 2 No |
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