Question

Journal entry of Borrowed from his friend Tilak for business 25,000​

Answer 1

Answer:

cash account dr 25000

to tilak loan account 25000

Answer 2

A journal entry is the record of transaction of business in its financial books.

• The transactions of a business are recorded in a journal, which indicate the debit and credit balances.

• The correct journal entry is -

Cash    A/c    Dr  25,000

To Loan from Tilak   A/c 25,000

( Being loan borrowed from Tilak for business )