Question

took loan from mahboob journal entry

Answer 1

Cash A/C / Bank A/C Dr   Rs. xxx

      To Loan from Mahboob A/C Rs.xxx

Answer 2

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.

Learn more on journal entry

What is the journal entry for :cash received from bikramjeet on behalf of suhag 10,000

brainly.in/question/4923209

Journal entry of  opened a current account in bank of baroda by depositing Rs 75000.

brainly.in/question/4882108