DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Loan installments deduction from liability


#1

I am describing the use of the soft as personal use. I am a salaried person and having two banks loan. Every 25th month I receive my salary and my loan installments are deducted from my salary account on 26th of month.

What will be the accounting entries:

  1. My salary is on Income side and ( will it remain at cash in hand also?)
  2. My loan liability will decrease each month after deducting the installments-how will it executed
  3. how will monthly income and expense also calculated or shown?

Please inform me the journal entries?