Transaction for loan and interest. Write the following Transaction in the Journal of Pushar






7. Transaction for loan and interest. Write the following Transaction in the Journal of Pushar 

 





2014
Feb,

1. Due to additional requirement of Funds, 12% loan of ₹ 20,000 borrowed from ram.

3. ₹8,000 lent to Laxman at interest rate of 8%.

8. Received cash ₹800for loan lent to bharat and ₹200 for interest.

10. ₹5,000 returned back to Seeta for borrowed loan and paid interest ₹400.

12. Received interest ₹200, for loan lent to kaushal.

15. interest for month paid for loan obtained from Ram.

18. ₹75 became receivable for interest on loan of laxman.
Solution:

Journal Entry

In the books Pushar. 



Date   

Particulars  

L/F 

Debit (₹) 

Credit (₹) 

2014, Feb 

 

 

 

 

1 

Cash A/c                      Dr. 

      To 12% Loan from                         Ram A/c 

(Being 12% loan borrowed from Ram) 

 

20,000 

 

20,000 

3 

8% Loan to Laxman                               A/C Dr. 

          To Cash A/c 

(Being 8% loan lent to Laxman) 

 

        8,000 

 

 


8,000 

8 

Cash A/c                     Dr. 

          To Bharat A/c 

          To Interest loan A/c 

(Being cash and interest received from Bharat) 

 

 

1000 

 

 

800 

200 

10 

Seeta A/c                    Dr. 

Interest on Loan A/c  Dr. 

        To Cash A/c 

(Being loan and interest paid) 

 

5,000 

   400 

 

 

5,400 

12 

Cash A/c                 Dr. 

     To Interest on loan A/c 

(Being Interest on loan received from Kaushal) 

 

200 

 

200 

15 

Interest on Loan from   Ram A/c               Dr. 

          To Cash A/c 

(Being Interest on loan received) 

 

 

 

200 

 

 

200 

 

 

 

18 

Laxman Loan (O/s) A/c Dr. 

     To Interest on LoanA/c 

(Being ₹75 receivable from Laxman it is outstanding) 

 

75 

 

75 

 

 

 

83,475 

83,475 




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