Balance due from Aparna rs 60,000 do journal entry of this statement
Answers
Explanation:
In a double entry accounting process, an accounting journal entry is the written record of a business transaction. The entry contains an equal debit and credit with account names, payment summary, and business event date. The balance due entry in this case will be-
Aparna a/c Dr. 60,000
To payables a/c Cr. 60,00
( Being the balance due on Aparna)
This is a very simple accounting transaction, if we understand the golden rules of accounting. Here, Rs. 60,000 is due from Aparna therefore we credit her account and debit the receivables account.
Explanation:
The rule used here is:
Personal account - Debit the receiver credit the giver..
Therefore the journal entry will be:
Bills receivables A/c....Dr 60,000
To Aparna A/c 60,000
(Being balance due from aparna)
As per the given question aparna is due Rs.60,000, which she has to pay the firm therefore she is considered a debtor, therefore bills receivables will be debited due to the accounting rule of personal accounts and aparna the debtor will be credited as she is due.