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Received a Long term bank loan and issued 60 PDC cheques (monhly Installments) against loan with interest on the date when loan received. Jrnl entry?

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تم إضافة السؤال من قبل Kripesh Krishnan Kutty Nair , Merchandiser , Al Seer Group
تاريخ النشر: 2014/11/20
Satish Koottala
من قبل Satish Koottala , Accountant , City Diamond Contracting LLC

1st when you receive the fund-

Bank A/c (Dr.) Asset

To Secure/ Unsecured Loan (Cr.) Liablity

 

When you release60 PC to the bank-

Prepaid Loan Term Loan (Dr.) Asset

TO PDC issued (Cr.) Liability

 

When the cheque is realized for each month on the realization date you will pass

PDC issued (Dr.) Liablity 

To Bank (Cr. ) Asset

 

Every month you will pass a JV 

Secured/ Unsecured loan (Dr.)

Interest on Loan  (Dr.) Expenses

To Prepaid Loan Term Loan

 

 

WAQAR Ali
من قبل WAQAR Ali , Marketing Manager , Asifa Ghulam Electronics Trading LLC

i want to apply for this loan tell me what is the procedure.

Dawood Kapasi
من قبل Dawood Kapasi , Consultant , Deloitte

[ Entry when you get the Loan]

Bank A/C   Dr

Loand A/C Cr

 

Assets- Bank A/C

Liabilities- Loan A/C

[Entry when you start paying EMI]

Loan A/C Dr.

Bank A/C Cr.

 

 

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