If I understand correctly, the loan balance was $1,200 at the end of 2021. During 2022, the $1,200 was repaid and a new loan of $1,000 was taken.
On the balance sheet, at the end of 2021, line 19a of schedule L will show $1,200 and at the end of 2022, the same line will show $1,000,
The balance sheet only reflect the balance of the loan at year end. It does not reflect the movements. Only your books of account will show the movements.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
