Which account is credited on purchase of land from the proceeds of a bank loan?

Land account

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Bank account

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Cash account

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Loan account

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Solution

The correct option is B
Bank account

Bank account is credited on purchase of land from the proceeds of a bank loan.

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Similar questions

Which account is debited on purchase of land from the proceeds of a bank loan?

To decrease the balance in the Land account, would you debit the account or would you credit the account?

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