Suppose Loan given to A
Entry for Loan Given
A 500000
TO BANK 500000
(A is under loans and advances asset)
ENTRY FOR INTEREST INCOME
A 25000
TO INTEREST INCOME 25000
ENTRY FOR LOAN RECEIVED BACK
BANK 525000
TO A 525000
Learn more here
https://www.teachoo.com/824/251/Entries-for-Loan-Given/category/Fixed-Deposit-and-Interest-Entries/
Written on March 30, 2019, 12:04 p.m.