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Borrowed from ridhi @ 10% interest per annum - 50000Journalise the transaction. |
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Answer» Bcoz of the loan cash will increase and will be debited. Now interest on loan will be an expense for the business so it will be also debited. And last loan being a liability will be credited. Cash a/c - dr - Rs 50000Interest a/c- dr - Rs 5000 (10%per annum)To loan from ridhi a/c - Rs 55000 Cash A/c Dr. 50,000 To Loan A/c 50,000 |
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