Sage Line 50 - Journal Question

 

 

I you have a nominal account for loans (2300’s) which had a starting balance but there wasn’t a bank account for it.

I have been posting the interest to the loan account each month (CR 2300’s) and overhead (DR 7000’s).

A supplier gave a refund and it was paid into the loan account, it cleared the balance of the loan and the remainder was transferred to the current account. I posted the refund (transfer) to the direct expense nominal (6000’s).

I now need to journal and balance the loan account. It currently sits at CR 674.50 and the overhead interest nominal shows as DR £43.80.

I hope this all makes sense!

Anyway, what journals should I post to bring the loan account to £0.00

Thanks,

Jo :)

Comments
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I Think...

patvanaalst |
patvanaalst's picture

Your first point is correct.

JoJo123 |
JoJo123's picture

Interest Payable

patvanaalst |
patvanaalst's picture