Settling Unsecured Loan against a sales
Mr X has provided Unsecured Loan to company ABC. Now he has purchased items worth 1 Lac from ABC. What should be the entries in Tally to settle the sales against unsecured loan ledger in tally
When you receiving loan from Mr.X The entry will be assume received 1 lac
Accounting Voucher >Receipt F6
To Mr.X Loan Account. ( under unsecured loan account)
At the time of making sale to MR x
Accounting voucher >F8 Sales
Mr.X A/c ( Under sundry debtor)… dr 100000
To sales 100000
The ledgers of Mr x stands as follows
Mr x loan account 100000 credit balance .
Mr x account 100000 debit balance.
Now you need to make an adjustment entry to close the loan account and buyer account.
Accounting voucher >F7 Journal
Mr x loan a/c ….dr 100000
To Mr x a/c 100000
This will settle both buyer and loan account
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