Question

Interest on loan will be paid on the first day of each subsequent month. An agreement was signed on a 6 month, 6% of 6000 loan payable. What are the two accounts affected and the amount??

Answer 1

Answer: Entry will be pass on the every first day of every subsequent month till 6 month

Loan int. A/c Dr.  30

    To loan giver A/c  30

Explanation: Because the int. rate is 6% so 1 month int. will be 30, after 6 month total returning amount will be 6180

Answer 2

Answer:

Cash/bank ac; interest on loan ac will be affected

If p.a is there amount will be 180

And if not 360×6= 2160

Explanation:

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