Bank Loan Treatment
bigmuggsy
Registered Posts: 92 Regular contributor ⭐
Hi
Having one of those 'moments' - can anyone just confirm the double entry for a new bank loan taken out, loan amount £6500, drawdown was £7294.53. First year 2 repayments, first was £202.83, second £202.62.
If anyone could just confirm the double entry into the accounts be appreciated.
Thanks
Having one of those 'moments' - can anyone just confirm the double entry for a new bank loan taken out, loan amount £6500, drawdown was £7294.53. First year 2 repayments, first was £202.83, second £202.62.
If anyone could just confirm the double entry into the accounts be appreciated.
Thanks
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Comments
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No worries:
DR Bank, CR Long term loan £6500
DR Deferred Loan interest £794.54 CR Long term loan (assuming that's what the difference is and not payment protection insurance etc)
Then the payments are DR Long term loan CR bank.
You DR Loan interest (P&L) and CR deferred interest over the right period of time.0
