Question

Recieved from kalipada rs 50 as a interest on loan .....journal entry

Answer 1

Explanation:

BY Bank a/c Dr.

To Loan a/c Cr.

Entry for Loan received

By Interest a/c Dr.

To Loan a/c Cr.

Entry for Interest

By Loan a/c Dr.

To Bank a/c Cr.

Entry for Loan repaid

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Answer 2

Answer:

cash a/c ---dr. 50

To interest on loan a/c. 50