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Loan payment received adjustment

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I have received the loan payment from my friend which was earlier declared in labilities section. But now how to reconcile the amount as the un-reconciled amount is showing.

In labilities section i have made the loan amount to zero.

please guide.

1 Answer

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by (25.1k points)
Cant quite comprehend you.
If you Received the Loan from Friend (It was your Liability), recognizing it to 0 will mean you have paid it.

On the other hand if you gave the Friend the Loan , then it wass your asset.
Please elaborate the question for appt guidence

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