#1  
3rd January 2012, 12:22 PM
sanjubhai
 
Join Date: Jan 2012
Posts: 1

What is debit and credit in this transaction of ' Borrowed from Naresh Rs.30000/- '?


Borrowed from naresh Rs. 30,000 what is credit & debit ?
  #2  
10th January 2012, 10:30 PM
SANDEEP891985
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Default Re: What is debit and credit in this transaction of ' Borrowed from Naresh Rs.30000/- '?

Quote:
Originally Posted by sanjubhai View Post
Borrowed from naresh Rs. 30,000 what is credit & debit ?
Basically according to the accounting principles that we follow, we debit those things which comes in and credit those things which goes out or against which item has been debited.

Therefore, in this case, the amount of money borrowed is a loan and the Naresh is the one who is providing the loan.
Since cash is coming in, in the form of Loan, Loan A/c will be debited, and because Naresh is providing the loan, his A/c will be credited.

Debit- Loan A/c
Credit- Naresh A/c
  #3  
10th July 2013, 09:11 PM
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Default Re: What is debit and credit in this transaction of ' Borrowed from Naresh Rs.30000/- '?

What do you mean profit and loss (dr.balance)
  #4  
14th October 2020, 11:05 PM
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Default Re: What is debit and credit in this transaction of ' Borrowed from Naresh Rs.30000/- '?

Borrowed from Nitesh rs 30000
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