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

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22nd December 2020 07:46 PM
Unregistered
Re: What is debit and credit in this transaction of ' Borrowed from Naresh Rs.30000/- '?

According to morden approach in the transaction of borrowed from naresh what is the nature of accounting
14th October 2020 11:05 PM
Unregistered
Re: What is debit and credit in this transaction of ' Borrowed from Naresh Rs.30000/- '?

Borrowed from Nitesh rs 30000
10th July 2013 09:11 PM
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Re: What is debit and credit in this transaction of ' Borrowed from Naresh Rs.30000/- '?

What do you mean profit and loss (dr.balance)
10th January 2012 10:30 PM
SANDEEP891985
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
3rd January 2012 12:22 PM
sanjubhai
What is debit and credit in this transaction of ' Borrowed from Naresh Rs.30000/- '?

Borrowed from naresh Rs. 30,000 what is credit & debit ?

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