husband’s loan Rs.14,000

[LaurenKelly]

Pooja (one partner) agreed to pay off her husband’s loan Rs.14,000. What journal entry should take place for the same?
Options :-

1. Pooja’s Capital A/c  Dr.  14000
   To Realization Account  14000         
   
2. Realization A/c    Dr.  14000
   To Bank A/c  14000 
   
3.     Realization A/c  Dr.  14000
       To Pooja’s Capital A/c  14000      
       .   
   
4.      Realization A/c    Dr.  14000
        To Loan A/c  14000     
   

[LaurenKelly]

I think he needs to combine all his loans

[shieldsrodney]

This is true love. When someone agrees to pay for the partner's loans is very good because they both contribute to the family's future. My wife isn't the same. I was paying for our loans for the house and business by myself. She wasn't contributing to it at all. The only thing that helped me was the offer of the bank to combine all of my loans in one, so I could reduce monthly payments to be able to make saving at least some money. I was pleased when I had this opportunity, and of course, I accepted this to pay off the loan faster.
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