Took loan from bank against fixed deposit in the name of suresh
Journal entry?
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7
suresh A/c dr
to fixed deposit A/c
to fixed deposit A/c
Answered by
5
Bank A/C dr,
to bank loan A/C.
Being the money recived into suresh's bank account (personal account for suresh) that's why we debited the bank a/c because suresh is reciver of benifit. The bank loan account credited because it's personal account for bank and the bank is giving loan to suresh. so, the bank is the giver of benifit that's why bank loan account has been credited.
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