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October 26, 2025, 07:12:48 pm
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Author Topic: help  (Read 934 times)  Share 

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LFTM

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help
« on: March 21, 2010, 02:47:44 pm »
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How would i record this in the cash payments journal:  loan repayment of $1750 (including 500 interest)

Im confused as to what i do with the interest part as there is no column for this and im assuming i can't record it all as sundries.
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kakar0t

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Re: help
« Reply #1 on: March 21, 2010, 03:20:26 pm »
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           Detail                Bank/Sundries
Row 1: Loan Repayment $1250
Row 2: Interest payment $500

Just seperate it into two "seperate" payments

something like that?
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LFTM

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Re: help
« Reply #2 on: March 21, 2010, 03:27:14 pm »
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I think you're right, i just realized there's an extra line.

Thanks.

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LFTM

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Re: help
« Reply #3 on: March 21, 2010, 03:40:52 pm »
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How about this:  if the question is asking me to record a bunch of source documents to the appropriate journals and there's memos but no general journal included, would i just ignore the memos?
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luca

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Re: help
« Reply #4 on: March 23, 2010, 07:22:44 pm »
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hey,
If the memos will have a balance sheet effect, then it's necessary that you find a place for them in the ledger.
Eg, a stock loss memo should be recorded in the ledger so inventory is not overstated.
cheers
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