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Question : Harsh's loan of Rs. 6,000 was settled by paying Rs. 5,500. Choose the correct journal entry

Option 1: Harsh's loan account debited Rs 6000 and credited bank account Rs 6000

Option 2: Harsh's loan account debited Rs 5500 and credited bank account Rs 5500

Option 3: Harsh's loan account debited Rs 6000 , credited bank account Rs 5500 and credited realization account Rs 500

Option 4: None of the above


Team Careers360 24th Jan, 2024
Answer (1)
Team Careers360 25th Jan, 2024

Correct Answer: Harsh's loan account debited Rs 6000 , credited bank account Rs 5500 and credited realization account Rs 500


Solution : Answer = Harsh's loan account debited Rs 6000, credited bank account Rs 5500 and credited realization account Rs 500

Harsh's loan A/C Dr 6000
To Bank AIC 5500
To Realisation AIC 500.
Hence, the correct option is 3.

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