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A debit order for monthly installments for the loan from Bank , R2000 and R200 interest is included in the amount. Interest on the loan is capitalized how to record this in the Cash Receipts Journal?
Anonymous
Apr 9
A debit order for monthly installments for the loan from Bank , R2000 and R200 interest is included in the amount. Interest on the loan is capitalized how to record this in the Cash Receipts Journal?
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Apr 9
In the Cash Receipts Journal, you would record the debit order payment as follows:
Date | Account Debited | Description | Debit | Credit
MM/DD/YYYY | Loan Account | Loan installment payment (including interest) | R2200 | -
This entry reflects the payment of R2000 towards the loan principal and R200 towards the interest on the loan. The total amount of R2200 is debited to the Loan Account.
Date | Account Debited | Description | Debit | Credit
MM/DD/YYYY | Loan Account | Loan installment payment (including interest) | R2200 | -
This entry reflects the payment of R2000 towards the loan principal and R200 towards the interest on the loan. The total amount of R2200 is debited to the Loan Account.
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