Rec. repayment of loan of 5000 and deposited 3000 out of it in bank


Asked by Vanshohri968 | 7th Feb, 2020, 10:51: AM

Expert Answer:

Journal Entries to be passed for the following transactions:
  • Received Rs.5,000 as repayment of Loan:
Cash A/c            Dr.   5,000
                   To Loan A/c                     5,000
                (Being cash received as repayment of Loan given)
  • Deposited in bank Rs.3,000 out of the total amount received as loan repayment:
Bank A/c          Dr.   3,000
                    To Cash A/c                3,000
               (Being cash Rs.3,000 deposited in bank)

Answered by Surabhi Gawade | 7th Feb, 2020, 11:23: AM

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