Purchase asset from jasleen by taking A bank loan
Answers
asset has been purchased so the journal entry for that will be
Asset A/c Dr.
To Jasleen's A/c
This is because Asset is a real A/c so the rule says Dr what comes in, so Asset is Debitted and Jasleen's A/c is Personal so the rule says Dr. the receiver, Cr. the giver. so she has been credited. It has not been mentioned that the transaction was done by cash so cash A/c has not been credited. And also that the name of the seller has been used.
The bank loan entry would be
Cash A/c Dr.
To Bank loan A/c
this is because Cash is a real account and therefore it has been debited as cash is coming in the business, and Loan A/c is credited.
that's what I think it would be. it's been a while I did journal entries but I think I may be right.
Answer:
Asset a/c Dr.
To jasleen a/c
To bank loan a/c
(being purchased asset by taking loan)
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