Question

What is the journal entry of: Recieved loan from mohan and deposited in bank ₹50,000

Answer 1

Answer:

Bank A/c 50000

To Mohan loan A/c. 50000

Explanation:

The above answer is based on the assumption that the loan amount is directly received into the bank account

Answer 2

Journal Entry when laon recieved

Loan A/C DR  50,000

             To Mohan A/C 50,000

(Being loan recieved )

Journal Entry when amount deposited in Bank

Bank A/C DR 50,000

               To Loan A/C 50,000

( Being amount deposited in bank )

When loan is taken one liability is created , then that amount is deposited in the bank and Mohan A/C is created as a liability.