Question

Loan taken for a car for office use Rs 100000

Answer 1

plz complete your question and ask again if you need help

Answer 2

Cash A/c Dr 1,00,000    

To loan A/C                1,00,000

Explanation:

In this given question the firm has taken a loan for 1 lakh rupees this is a pretty simple entry as cash is just being transferred to the firm's bank account. Here we will debit cash account as cash account is being increased by 100000 and debit the loan account as a liability is increasing.

This is all based on the golden rule of accounting with said that debit when assets increase and credit when liabilities increase.

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