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BY Bank a/c Dr.
To Loan a/c Cr.
Entry for Loan received
By Interest a/c Dr.
To Loan a/c Cr.
Entry for Interest
By Loan a/c Dr.
To Bank a/c Cr.
Entry for Loan repaid
loan A/c Dr To bank A/c (Being loan taken from bank)
holiday
In the Books of Lender: When loan is given by Lender Borrower's Loan Account Debit & Bank Account Credit. Lender has right to get interest on given loan so Interest on Loan Receivable Account Debit and Interest Account Credit
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