Pass journal entry for transferring interest on loan.

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Solution

Dear student,
The journal entry for transferring interest on loan :

S.No. Particulars L.F. Debit Credit

1. Interest expenses A/c dr.

To Interest payable

( Being interest on loan due)

2. Interest Payable A/c dr.

To Bank A/c

( Being interest on loan paid)

Regards,

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S.No.	Particulars	L.F.	Debit	Credit
1.	Interest expenses A/c dr.
	To Interest payable
	( Being interest on loan due)
2.	Interest Payable A/c dr.
	To Bank A/c
	( Being interest on loan paid)

Pass journal entry for transferring interest on loan.

Dear student, The journal entry for transferring interest on loan : S.No. Particulars L.F. Debit Credit 1. Interest expenses A/c dr. To Interest payable ( Being interest on loan due) 2. Interest Payable A/c dr. To Bank A/c ( Being interest on loan paid) Regards,

Dear student,
The journal entry for transferring interest on loan :

S.No. Particulars L.F. Debit Credit

1. Interest expenses A/c dr.

To Interest payable

( Being interest on loan due)

2. Interest Payable A/c dr.

To Bank A/c

( Being interest on loan paid)

Regards,