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General Accounting Discussions: loan between 2 companies

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  1.  
    • CommentAuthorargentt
    • CommentTimeJan 10th 2010
     
    hi everyone
    can someone tell me how to enter loan between 2 companies in the books,and is there obligatory interest rate or it could
    be without a rate
    thanks a lot
  2.  
    well can you plz clear your question plz! i am getting you!
    • CommentAuthorpk
    • CommentTimeJan 11th 2010
     
    Pass the following entry:

    Company that Received the Loan:

    Dr. Cash/Bank
    Cr. Loan from xxxx Company

    Company that Givens the Loan:

    Dr. Loan to xxx Company
    Cr. Cash/Bank

    Regarding the interest, it depends on the loan agreement between the two companies

    savin.yakeep@yahoo.com
    • CommentAuthorargentt
    • CommentTimeJan 11th 2010
     
    tx for the response but for the interest i asked is there an interest obligatory becouse that"s me who will make a contract and i don't know nothing about that (fiscal question)

    for jamesparker some details:

    company A buys inventory and machines at auction whose deposit was paid by company B
    this deposit is my loan
    Thanks again
    • CommentAuthorpk
    • CommentTimeJan 12th 2010
     
    Charging interest on loan is not obligatory. If you can lend money without charging any interest on the borrower that is fine.
    • CommentAuthorargentt
    • CommentTimeJan 12th 2010
     
    Thanks a lot
  7.  
    You are rite Pk and nicely done! Thumbs up for your!

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