Question

sbi loan taken ang payment of loan journal entry​

Answer 1

Answer:

Journal Entry

Explanation:

Bank A/c          Dr.          

                To SBI Loan A/c

(Being SBI Loan taken )

since the loan has been taken thus we debit bank acct and credit loan acct.

Int. on loan A/c               Dr.

              To SBI Loan A/c                   (* if interest is payable )

              To Cash/ Bank A/c               (* if interest is paid)

(Being interest payable or Interest paid)

Profit & Loss A/c             Dr.

             To Int. on loan            

(Being Interest on loan paid is transferred to Profit & Loss A/c)

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