Cash paid to harish on account journal entry
Answers
Bank A/c Dr.
To Harish A/c
Explanation:
According to the golden rule of accounting when assets are increased, they should be debited and when they reduce, it must be credited. Here, we’re paying harish money or cash, which is a current asset.
Since, we cash if going out we are crediting cash and since we are paying harish, we credit harish’s account because of the account rule which says that we should credit all incomes, therefore the money is an income for harish, so we credit it to him.
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Answer:
Harish A/c Dr.
To Cash A/c
Explanation:
we are going to pay cash(deposit) to Harish's bank account. decrease on liabilities( creditors) Dr., Decrease on Assets(cash) Cr.