Question

took loan from bank against fixed deposit in the name of suresh
what would be the journal entry for this??

Answer 1

If we take a loan from bank against fixed deposit in the name of suresh, the bank issues loan against the term deposit using it as collateral for loan.

In other words, the term deposit is used as collateral for loan to be issued against fixed deposit.

So, the journal entry for this would be, Bank a/c Dr, To bank loan a/c

Answer 2

Answer:

hope it will help you ....