Loan taken from Mr.Ram of Rs.1,00,000/-, the journal entry would be
A. Dr – Bank a/c & Cr – Mr.Ram’s Loan
B. Dr – Mr.Ram’s Loan & Cr – Bank a/c
C. Dr – Asset a/c & & Cr – Bank a/c
D. No Entry is required
Answer:A
Loan taken from Mr.Ram of Rs.1,00,000/-, the journal entry would be
A. Dr – Bank a/c & Cr – Mr.Ram’s Loan B. Dr – Mr.Ram’s Loan & Cr – Bank a/c C. Dr – Asset a/c & & Cr – Bank a/c D. No Entry is required
Explanation: A loan was taken from Mr.Ram of Rs.1,00,000/-