Question

April 20 Ramesh settled his account by issuing cheque including 60 for interest .......12,080


Plz solve it
No unrelevent answers ​

Answer 1

Answer:

April 20 Ramesh settled his account by issuing cheque including 60 for interest. April 21 Cash directly deposited by Raja (Customer) in bank account. April 23 Bank draft got issued in favour of M/s Lal & Sons 5,000. Bank charges 700.

plss follow mee

Answer 2

The journal entry to be passed will be:

April 20

Ramesh A/c                       ----Dr        12,080

        To Bank A/c                                                12,060

        To Interest A/c                                                   20

(Being Ramesh's Account settled by issuing a cheque and a part of it includes interest.)

GIVEN: Ramesh settled his account by issuing cheque including 60 for interest 12,080
TO FIND: Journal Entry of settling Ramesh's Account.
SOLUTION:

As we are given in the question,

Ramesh who is a creditor of the business firm and is due with Rs.12,080 that includes 60 Rs. of interest .

Therefore,

The journal entry to be passed for  Ramesh's Account settled by issuing a cheque and a part of it includes interest:

April 20

Ramesh A/c                       ----Dr        12,080

        To Bank A/c                                                12,060

        To Interest A/c                                                   20

(Being Ramesh's Account settled by issuing a cheque and a part of it includes interest.)

#SPJ2