took loan from mahboob journal entry
Answers
Cash A/C / Bank A/C Dr Rs. xxx
To Loan from Mahboob A/C Rs.xxx
Cash A/C / Bank A/C Dr Rs. xxx
To Loan from Mahboob A/C Rs.xx
Explanation:
In this question we are taking a loan from Mahboob which means we are getting and inflow of cash. We know that cash is a real account and an asset, and when assets increase we should debit them.
Since we are getting and inflow of cash from the loan will debit cash account. Alone is a liability to the company when liabilities increase we credit them since we are taking a loan from Mahboob are liabilities increase therefore crediting the loan account.
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