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akpmumbai89
Level 1

LOAN ACCOUNT & ITS PAYMENT entries

FOR INDIAN BUSINESS USER :

 

We have one situation and is described as:

Suppose LOAN is taken from financial institution & is transferred to the Company's bank account.
Later on, the loan is transferred to the owner's Saving account to earn some interest from his personal saving account.

 
But EMI payment is being done thru company account only. How entries will be done?

 

Eg.

MAIN COMPANY > LOAN from other xyz bank > Get the loan from xyz bank > Amount is credited to the company's current bank account  > Later loan is transferred to owner's personal saving bank a/c >  EMI is paid by company's current bank account till date.

 

A loan is taken 4 years back. Which entries need to be passed in Quickbooks?