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Borrowed from ridhi @ 10% interest …

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Borrowed from ridhi @ 10% interest per annum - 50000 Journalise the transaction.

Posted by Jatin Chhabra 7 years, 6 months ago

CBSE > Class 11 > Accountancy

2 answers

Kulsum Sultana 6 years, 6 months ago

Bcoz of the loan cash will increase and will be debited. Now interest on loan will be an expense for the business so it will be also debited. And last loan being a liability will be credited.
Cash a/c - dr - Rs 50000
Interest a/c- dr - Rs 5000 (10%per annum)
To loan from ridhi a/c - Rs 55000

Rajat Vashisth 7 years, 6 months ago

Cash A/c Dr. 50,000 To Loan A/c 50,000

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