Debit cash / bank
Credit loan from bank
debit cash / bankcredit loan from bank
debit cash . bankcredit loan from bank
debit bank accountcredit loan from bankwhen interest incurreddebit interest on loancredit loan from bank
For business concern entry is:[Debit] salaries expense[Credit] Cash / bankFor personal concern:[Debit] Cash / bank[Credit] salary income
If you are already running a loan, then you can take a loan from another bank not from the same bank. If still you want a loan from same bank, then you can get on your parents name.
The person or business may not pay the loan back and the bank has to take the loss
This is how I did it. We had a truck that burned to the ground. It was fully 179 expensed. Insurance paid off the loan, so on the books I had a balance. This is what I did. First entry was to take the asset off the books; next entry was to remove the loan off the books. I decided to credit depreciation expense instead of a revenue account, since I felt that it was more representative of the event (not a sale). ACCUMUALTED DEPRECIATION 10000 ASSET 10000 LOAN 2000 DEPRECIATION 2000
They take the loan to purchace the house.Not many people have $400,000 + in their bank..Thus they borrow it from the bank.
If you take a loan from the bank, then you become an asset to the bank. That is because, you owe money to the bank and the bank has all rights to take the money and the interest that you are supposed to pay for the loan from you. So any kind of money that is to be received by anyone is an asset and so similarly, a loan that people will pay back to the bank will be an asset to the bank.
To get an auto loan from a bank you need to give three months bank statements for your salary account along with many other documents. The salary is reviewed by the bank and then the loan amount is decided.
A bank loan calculator decides how much the bank can borrow a person for a selected period of time. The loan calculators also sum up how long it will take one to pay off the total debt with interest. To use a bank loan calculator, go to the bank website, select the type of loan, enter the duration of the loan and the results will be displayed on screen.
Deposit your cash in any bank. Take out a loan from that bank using your cash as collaterol for the loan. They will usually give you a loan for up to 80% of the deposited amount.