Question

Cash transferred from personal account to firms account journal entry?? ​

Answer 1

Answer:

I presume that the savings bank cheque is issued by a debtor, say named Ashok (who owes some money to the firm) to pay off his liability to the firm and the cheque is deposited into the current account of the firm in bank. Suppose the cheque is for Rs. 10000/-. The journal entry will be as follows:

Bank ……………………………… Dr. 10,000.00

To Ashok …………………………………………….. Rs. 10,000.00

Cheque No. ………. for Rs. 10,000.00 received from Ashok in payment of amount due from him.

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Explanation:

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