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What is journal entry when started business by borrowing cash from friend with interest 12 percent?
Wiki User
∙ 10y ago
[Debit] Cash account xxxx
[Credit] Capital xxxx
Interest will paid after a year when it will due.
Wiki User
∙ 10y ago
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What is the journal entry if i received 10000 as a interest income and 10 percent percent advance income tax paid?
debit cash 9000debit tax 1000credit interest income 10000
If a country's debt-to-GDP ratio is 84 percent the country is producing more than it is borrowing?
True
What is the journal entry for credit sales 50 percent now and 50 percent later?
debit accounts receivable (for 50% Sales)credit sales revenue
What does 2 percent monthly interest translate to in annual interest?
Multiply the monthly interest rate by the number of months is a year to calculate the annual interest rate: 2% x 12mo = 24%
What is pcpa as interest rate?
P.C.P.A. stands for Percent Compounded Per Annum.
What does 13 percent represent?
More than an eighth less than a seventh. A great interest rate if you are lending, a horrible interest rate if you are borrowing.
What is the journal entry of interest on capital 5 percent pa for a month?
o.5
What is the journal entry if i received 10000 as a interest income and 10 percent percent advance income tax paid?
debit cash 9000debit tax 1000credit interest income 10000
What is the journal entry of interest on capital of Rs 50000 10 percent?
[Debit] Interest on Capital 5000 [Credit]Cash/Bank 5000
What is the average interest rate for a small business loan?
The interest of a small business loan depends on the size of the loan. For loans under $100 000 the interest rate is seven to eight percent and for loans over $100 000 the interest rate is six to seven percent.
Is it illegal to charge more than eighteen percent interest to military personnel?
No. Once the interest rate has been stated clearly, the borrower has the choice of borrowing or not borrowing at that rate. If he chooses to borrow at the stated rate, then he implicitly agrees to it. It's always the borrower's choice to enter into the contract or to walk away.
What is the journal entry if someone borrowed cash from you with an interest of 6 percent per month?
Debit short term loanCredit cash / bank
How are interest and principal related?
Principle: is the beginning amount of money that is deposited or owed. For instance, you deposit $100 or you take on a loan that is worth $100. The $100 is your principle amount. Interest: Is the cost of borrowing. The higher principle, the higher interest payment you will have to pay because the interest due is a percent of the Principle.
What are the average interest rates for business loans?
The average interest rates for business loans depend on many factors, such as the amount of risk involved in the project being financed by the loan. Depending on what the lender feels is safe, the interest rate could be between six and eight percent.
Can you be charged 34.97 percent annual percentage rate?
Yes, if you agree to it. In order to be charged interest, you must be borrowing money, even on a credit card. If your credit card company is raising your interest rate to 34.97%, you are given the option to pay off your balance to avoid the interest rate. If you do not pay off the balance, you are, in essence, agreeing to pay the interest rate.
How would you do a journal entry for someone buying 50 percent of equity in a business for 19000?
debit cash / bank 19000credit share capital account 19000
The annual interest rate for a loan is 14 percent how much interest is due on a loan of 720.000 in one year?
Simple interest of $100.80 is due when borrowing the $720.00 for a year. The following formula provides the calculation necessary: SimpleInterest = Principal * AnnualInterestRate So, for the above question: SimpleInterest = $720.00 * 14% = $720.00 * 0.14 = $100.80
