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:
- My salary is on Income side and ( will it remain at cash in hand also?)
- My loan liability will decrease each month after deducting the installments-how will it executed
- how will monthly income and expense also calculated or shown?
Please inform me the journal entries?