Question

Bank draft got issued in favour of M/s lal and sons Rs 5000.bank charges Rs 700 pass the journal entry

Answer 1

Explanation:

bank draft a/c dr. 5000

bank charges dr. 700

to m/s lal and sons a/c cr. 5700

Answer 2

Answer:

Bank draft a/c dr. 5000

Bank charges dr. 700

         To M/s lal and sons a/c    cr.     5700

Explanation:

How is the journal entry for bank charges?

All the Fees or Charges by Bank to its Account Holders are debited to one GL – Bank Charges A/c.

Is bank draft considered cash?

Basically, treat bank drafts like cash. These are useful when you need to make a payment with guaranteed funds and commonly used, for example, when paying a legal settlement or making a large purchase for a home or vehicle.

what's bank draft accounting?

A bank draft is a charge on behalf of the payer, which is guaranteed with the aid of the issuing bank. A draft is used while the payee desires a rather at ease form of charge. The bank can adequately issue this guarantee as it right away debits the payer's account for the quantity of the take a look at, and therefore has no risk.

Received 5000 by bank draft journal entry

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Bank draft got issued in favour of M/s lal and sons Rs 5000.bank charges Rs 700 pass the journal entry

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